Mid Atlantic Real Estate Journal — New Jersey — May 19 - 23, 2013 — B S hopping C enters N ew J ersey S po light C entral 114 units trade in coastal communities Kislak completes $11.3 million Monmouth County multifamily sales
onmouth, CTY., NJ — The Kislak Company, Inc. an-
Rents range from about $725 to $1,375, depending on the unit. The property offers easy access to routes 18 and 287, and is just minutes from the Menlo Park Mall and Middle- sex County College. Boasting high achieving public schools, a vibrant busi- ness environment and rich inventory of historic sites and buildings, Edison has emerged as one of the region’s most desirable places to live and raise a family. The township provides a range of outdoor spaces and recreational activi- ties, including more than 20 playgrounds, softball fields and golf courses. The New Jer- sey Convention and Exposi- tion Center and JFK Medical Center, one of the state’s lead- ing healthcare facilities and “This property is an excel- lent location one block from the ocean,” said Baxter. “We quickly procured a purchaser in need of completing a Section 1031 like-kind exchange. After selling another property, our client identified this property for his exchange and closed.” The Belford Property is lo- cated on Main Street and rep- resents the majority of the new downtown multifamily and retail space in the community. Constructed in 2007, it consists of 11 one- and two-bedroom luxury apartments and five retail spaces with a total of 8,700 square feet. Baxter and Weilheimer represented the seller and Lanni represented the purchaser. “We originally represented the prior owner on an exclusive basis and ultimately worked with a national lender to fa- cilitate the sale,” said Baxter. “The lender took possession of the property and we procured a purchaser who was able to close pursuant to the lender’s non-contingent terms.”
employers, also are located within the township. “Practiced investors recog- nize that ever-strengthening multi-family fundamentals render this property class the best commercial real estate investment, given the cur- rent economic environment,” said Brecher. “Assets of this caliber, with a long history of high occupancy rates and steady rental growth, are fur- ther bolstered by the stability of Middlesex County’s dense commuter population.” Legal counsel was provided by Anthony J. Marra, Jr., Esq. of Edison, N.J., on behalf of the seller, and Kenneth Gliedman, Esq. of Lichter Gliedman Offenkrantz PC of New York City, on behalf of the buyer. n The Asbury Park property, which is known as Lakeside TerraceApartments, is located on Fifth Avenue, across from Sunset Lake five blocks from the ocean and the famous Asbury Park boardwalk. It consists of a combination of studios, one- and four-bed- room apartments in a three- story brick building. Ameni- ties include private balconies and on-site parking. Recent improvements include a new roof. Lanni represented both parties in the transaction. “This was the eighth prop- erty that we sold for the seller having previously sold other multifamily properties in As- bury Park and Long Branch for him,” said Lanni. “We listed this property on an ex- clusive basis and generated a great deal of interest from lo- cal investors. There is strong demand for quality multifam- ily properties in Asbury Park and this property is in an excellent location and has a strong history.” n
nounced the $11.3 million sale of five multifamily properties throughout Monmouth County. In separate transactions, a 36- unit property in Spring Lake Heights sold for $3.96 million; a 26-unit property in Long Branch sold for $2.6 million; an 18-unit property in Belford sold for $2.075 million; a 19-unit property in Asbury Park sold for $1.365 million and a 15-unit property in Keansburg sold for $1.3 million. “The market for multifam- ily and investment properties remains very strong through- out New Jersey including the coastal shore areas impacted by Hurricane Sandy,” said Robert Holland , president and co-managing director. “The closings that occurred in the months following the hurri- cane show the resilience of the market and continued demand among investors.” The Spring Lake Heights property, which is known as The EDISON, NJ —Multi-fam- ily investors have a penchant for Central New Jersey’s com- muter-friendly locales, as evidenced by the recent $2.215 million sale of 21 units at WindingWoods in Edison. Ge- broe-Hammer Associates’ Joseph Brecher , managing director, represented the sell- er, Winding Woods 1880 LLC, and identified the buyer. “Situated just off Rte. 1 in the heart of Edison, 18 of this property’s 21 units have been fully renovated within the last five years to include new kitchens and bathrooms,” said Brecher. “There was tremendous investor interest in this asset due to its prime location, the added value of recent capital improvements and the area’s strong renter
Oaks, is located in a quiet and desirable residential neighbor- hood with a combination of one- and two- bedroom apartments in a two-story brick building with a pitched roof. Amenities include private entrances, on- site parking and laundry facili- ties, and many improvements had been completed within the last 10 years. Sales associated Daniel Lanni represented the seller and senior vice president Matt Weilheimer represented the purchaser.
quickly procured a purchaser,” said Lanni. “The transaction was all cash and we closed in 18 days.” The Long Branch property is located on Ocean Boulevard within walking distance of the ocean and Pier Village. It consists of all one-bedroom apartments in a two-story brick building with a pitched roof. Amenities include private entrances, on-site parking and laundry facilities. Lanni repre- sented the seller and vice presi- dent Don Baxter represented the purchaser.
“Once the seller engaged us to market and sell the property, we Gebroe-Hammer Associates arranges $2.215 million sale of Winding Woods in Edison
population.” Located at 1880 Woodbridge Ave., adjacent to Highland Park in the northern part of Middlesex County, Wind-
ing Woods is comprised of one- and two-bedroom garden apartment-style units with amenities such as on-site parking and laundry facilities.
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