Morris Mews, an 18-unit garden apartment complex in Long Branch has been sold for $3,500,000, according to a Monday announcement from The Kislak Company.
Kislak arranged the sale with senior vice president Daniel Lanni handling the assignment on behalf of the seller, SW 366 Prospect, LLC, and he also procured the purchaser, CRE Realty Group, LLC.
Built in 1966, the 12,600-square-foot, brick, two-story garden apartment complex consists of 16 one-bedroom units and two two-bedroom units with onsite parking and laundry facilities. The property was fully occupied at the time of sale and a value add-opportunity given its below market rents and no local rent control.
“I previously arranged the sale of the property to the seller in 2020 and four years later identified an aggressive purchaser in need of an I.R.C. Section 1031 exchange who proceeded at a 5.1% cap rate. The offering included an existing mortgage with a year remaining at a 3.5% interest rate. The attractive financing will assist in the execution of the purchaser’s value-add strategy.”
The property is located in coastal Long Branch in eastern Monmouth County approximately four-tenths of a mile southeast of Pier Village, the Long Branch Boardwalk, and the Atlantic Ocean. It is a block from the Long Branch train station, which provides service to and from New York City. Monmouth Medical Center and Brookdale Community College’s Long Branch Campus are also nearby.
“I previously arranged the sale of the property to the seller in 2020 and four years later identified an aggressive purchaser in need of an I.R.C. Section 1031 exchange who proceeded at a 5.1% cap rate. The offering included an existing mortgage with a year remaining at a 3.5% interest rate. The attractive financing will assist in the execution of the purchaser’s value-add strategy,” Lanni said.
