The Kislak Company, Inc. in Woodbridge announced the recent sale of Hampshire Terrace, an 80-unit garden apartment complex at 108 Riverview Avenue in Neptune City, for $20 million.
Kislak marketed the property on an exclusive basis with President Robert Holland handling the assignment on behalf of the seller, Elliot Leibowitz of Hampshire Associates, LP. Senior Vice President Daniel Lanni procured the purchaser, which was not disclosed.
The sale is the largest multifamily sale in Neptune City in at least the last 10 years, according to data available from CoStar.
“This was a textbook example of how strong relationships and expertise drive results,” said Lanni. “The buyer understood the property, committed to a purchase early in our process and closed efficiently. It was exactly the kind of outcome we strive to deliver.”
Hampshire Terrace is a two-story, garden apartment complex consisting of 56 one-bedroom and 24 two-bedroom units in several brick buildings surrounded by neatly landscaped lawns and shrubbery.
Recent renovations include remodeled kitchens with stainless-steel appliances, dishwashers and built-in microwave ovens. Other attractive features include spacious closets, luxury hardwood flooring, in-unit washer/dryers and a pet-friendly environment.
Ideally situated, the property is close to New Jersey Transit, Jersey Shore beaches and major highways with quick access to the Garden State Parkway, Route 195 and Routes 18, 33 and 35, making it well-connected to the Northeast Corridor. The NJ Transit Commuter Rail-North Jersey Coast Line to New York City is nearby, with two locations at Bradley Beach and Belmar.
While a small town, Neptune City offers a range of attractions with easy access to local favorites, including Asbury Park and Belmar, as well as the beaches of Avon-by-the-Sea and Bradley Beach.
