The Kislak Co. announced the recent sale of Virginia Court Apartments, a 52-unit multifamily property at 362-372 Bath Ave. in Long Branch, for $9.75 million.
Kislak marketed the Monmouth County property on an exclusive basis on behalf of the seller, Virginia Castle LLC, with Executive Vice President Barry Waisbrod handling the assignment, and he also procured the purchaser, which was not disclosed. The seller previously purchased the property through Kislak in 1997.
Constructed in 1963, Virginia Court Apartments is a two-story brick garden apartment complex with 52 units in five buildings on nine-tenths of an acre. The unit mix includes 20 one-bedroom units and 32 two-bedroom units. All units have private entrances and new windows.
“This is a well-maintained property in an excellent Jersey Shore location. It appealed to the purchaser given the significant upside potential to renovate units and increase rents,” Waisbrod commented.
The property is located in a residential neighborhood a half-mile from downtown Long Branch, one mile west of the Atlantic Ocean and one mile southwest of Pier Village, the popular Jersey Shore destination that anchors oceanfront Long Branch.
Long Branch is an oceanfront city with a growing population in northeastern Monmouth County 55 miles south of Manhattan — one hour by car and 40 minutes from Wall Street via the Sea Streak Ferry that leaves from nearby Highlands.
The Long Branch train station is less than a half-mile from the property and is connected to New York City and northern New Jersey via New Jersey Transit trains on the North Jersey Coast Line.
The seller’s attorney was Richard Kelin of Raiss Kelin Booker & Goldstein LLC and the purchaser’s attorney was Morris Silberberg of Silberberg & Klein LLP.
