Woodbridge-based The Kislak Co. on Friday announced the recent sale of a two-property multifamily portfolio in Monmouth County for $34,000,000. The portfolio includes a 92-unit property in Belmar and a nearby property with 35 units that was not disclosed.
Kislak marketed the portfolio on an exclusive basis with senior vice president Daniel Lanni handling the assignment on behalf of the seller, and he also procured the purchaser. Both parties are longtime Kislak clients.
“These are trophy properties in A+ Jersey shore locations with significant value-add potential. Although the transaction had its challenges, all parties involved worked well together to resolve issues and ultimately close at a record price per unit,” Lanni commented.
The apartments in Belmar are ideally located on Ocean Avenue directly across from the Atlantic Ocean in the heart of coastal Belmar. The property includes 84 one-bedroom units and eight two-bedroom units, on-site parking and upside potential. The second property includes six studios, 23 one-bedroom units and six two-bedroom units in a comparably ideal location and the property also offers upside potential.
Monmouth County is located on the coast of central New Jersey along the northern half of the Jersey Shore. As of the 2020 U.S. Census, its population was 643,615, making it the state’s fifth-most populous county and representing a 2.1% increase since 2010.