The Kislak Co. on Friday said it arranged the off-market sale of Rose Gardens, a 32-unit multifamily property at 336 Third Ave. in Long Branch, for $6.45 million.
Kislak represented the seller, Rose 3 Holdings, with Daniel Lanni handling the assignment. Lanni also procured the purchaser, which was not disclosed, and he previously arranged the sale of the property to the seller in 2019.
Constructed in 1955, Rose Gardens is a two-story brick garden apartment in a single L-shaped building on 0.82 acre. The unit mix includes two studios and 30 one-bedroom units. The property includes on-site parking.
“We sold the property to the seller in 2019 and, only four years later, they realized a significant profit, closing at over $200,000 per unit and a 4.75% cap rate. The buyer paid all cash, closed efficiently and is looking forward to adding value to the asset,” Lanni said.
The property is well-located two blocks from both the Long Branch train station and Monmouth Medical Center, a half-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 connected to New York City and northern New Jersey via New Jersey Transit trains on the North Jersey Coast Line.