A two-property, multifamily portfolio was recently sold in Monmouth County, New Jersey, for $34,000,000.
The portfolio encompassed a 92-unit property in Belmar and an undisclosed 35-unit property nearby. The Belmar property is situated on Ocean Avenue, directly across from the Atlantic Ocean, and contains 84 one-bedroom units, eight two-bedroom units, and on-site parking. The undisclosed property consists of six studios, 23 one-bedroom units, and six two-bedroom units.
The central coast portfolio was marketed by The Kislak Company Inc. on an exclusive basis. Kislak’s senior vice president Daniel Lanni organized the transaction on behalf of the seller and procured the buyer. Both parties are reportedly long-time Kislak clients.
Mr. Lanni commented, “These are trophy properties in A+ Jersey shore locations with significant value-add potential. Although the transaction had its challenges, all parties involved worked well together to resolve issues and ultimately close at a record price per unit.”