4B — December 8 - 21, 2017 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey

Achieves record price for Ocean County apartments VP Lanni of The Kislak Company brokers $3million sale of 10 luxury units inPoint Pleasant


oint Pleasant, NJ — The Kislak Com- pany, Inc. announced

Apartments exceeded the pre- vious record for the highest sale price per unit for an apartment building in all of Ocean County by $40,000 per unit according to data available from CoStar. The property, constructed in 2002, sits on .54 acre of land, and consists of a brick row building with upper and lower level condo-quality units, each with two bedrooms and two bathrooms with hard- wood floors throughout. A contemporary floor plan fea- tures kitchens with all granite countertops which open into the living and dining room

areas. On both stories, patios accessed by sliding glass doors face the front of the building. Other amenities include cen- tral air conditioning, private basements, individual washers and dryers and on-site parking. Located in the heart of a renowned Jersey shore town, the luxury apartments are less than two miles from the Atlantic Ocean with an easy walk to shops, restaurants, and train in the downtown. Along the beach is a classic boardwalk which hosts a mid- way and carnival rides and an aquarium. County and state parks are less than 20 minutes away for further recreational opportunities. Colleges and a university are located less than 10 miles from the apart- ments. Daniel Lanni joined Kislak in 2010 and specializes in the sale of multifamily and other investment properties in cen- tral and northern New Jersey. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a vice president in 2014. n The value of proper due diligence . . . property. Alternatively, you may decide that purchas- ing an impacted property is an investment in the future through rehabilitation, and in that scenario, understanding exactly what challenges exist provides the purchaser with the information necessary to make informed decisions supported by quantitative information. Purchasing a property af- ter conducting only a limited evaluation can be disastrous. If there are environmental is- sues on a property, it is very likely that they will be even- tually identified, leaving the owner solely responsibility to deal with the issues. By work- ing with an experienced and qualified environmental con- sulting firm, to the purchaser will minimize risk and avoid assuming environmental li- ability. Sean Clifford works for Brockerhoff Environmen- tal Services LLC in Wash- ington, NJ. Brockerhoff provides due diligence evaluation in addition to environmental consulting/ remediation services. n continued from page 2B

the $3 million sale of Village Apartments, 10 residen- tial units at 1005 Trenton Av e nu e i n Point Pleas- ant , Ocean County.

Village Apartments

Daniel Lanni

on an exclusive basis and achieved a record price per unit for Ocean County from a 1031 exchange buyer. The sale price equated to a 4.5% cap rate with upside in the rents.”

“Dan did an extraordinary job handling the sale and achieving a record price,” said Robert Holland , president. With a per unit price of $300,000, the sale of Village

Highlighting the uniqueness of the transaction, vice presi- dent Daniel Lanni remarked, “We represented the original builder of Village Apartments

Investment Sales | Commercial Sales and Leasing

FOR SALE Atlantic City, NJ

FOR SALE Westville, NJ

267 Residential Units + 5 Commercial Spaces Anthony Palmiotto ext 357

79 Residential Units Matt Weilheimer ext 253

FOR SALE East Orange, NJ

FOR SALE Newark & Irvington, NJ

20-Unit Residential Portfolio Julie Gralla ext. 224

53 Residential Units Daniel Lanni ext 248

FOR SALE Paterson, NJ

FOR SALE Elizabeth, NJ

56,000± SF Office/Retail Michael Salomon ext 243

18,735± SF Office Andrew Jonas ext 460

The Kislak Company, Inc. | www.kislakrealty.com | 732 750 3000

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