Kislak sells Atlantic City multifamily portfolio for record $20.5M

The Woodbridge-based Kislak Co. sold a three-property multifamily portfolio with a total of 258 units in Atlantic City for $20.5 million. The record sale represents the largest multifamily sale in Atlantic City in at least 10 years and the largest multifamily sale in Atlantic County in over a year, according to data available from CoStar.

The portfolio includes Atlantic Venice Park Apartments, with 112 units at 1922 Beach Ave., 1917 N. Columbia Ave. and 1925 N. Arkansas Ave.; Venice Park Condominiums, with 78 units operated as rentals at 2304 Sheldon Ave., 2304 Hamilton Ave. and 905 W. Riverside Drive; and Hamilton Venice Apartments, with 68 units at 1801 N. Mississippi Ave. and 1800 N. Missouri Ave.

Kislak marketed the portfolio on an exclusive basis, with Executive Vice President Joni Sweetwood handling the assignment on behalf of the sellers, Atlantic Venice Park LLC, Venice Park LLC and Hamilton Venice Park LLC. Sweetwood also procured the purchaser, which was not disclosed. All parties are longtime Kislak clients for whom Sweetwood has completed many other sales.

“The offering presented a unique opportunity to acquire a large number of units with upside potential in the Atlantic City market. The purchaser intents to renovate the units and improve the properties,” Sweetwood said.

Built in 1970, the portfolio unit mix includes 237 two-bedroom units and 21 one-bedroom units. The properties are within distance to the water, close to the Atlantic City Boardwalk, shopping, hotels and casinos and near Routes 30 and 40 and the Atlantic City Expressway.