12A — December 2024 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
S.V.P. Lanni arranges sale of 10 luxury units in Ocean County for record price per unit Kislak sells Village Apartments in Point Pleasant, NJ for $3.5 Million
OINT PLEASANT, NJ — The Kislak Company, Inc. an- nounced the recent sale of Village Apartments, a 10-unit luxury multi- family prop- erty at 1005 Trenton Av- enue in Point Pleasant, Ocean County, New Jersey, for $3,500,000. Kislak marketed the prop- erty on an exclusive basis with senior vice president Daniel P Daniel Lanni
all of Ocean County according to data available from CoStar. Lanni commented, “It was a pleasure to sell this property again after selling it in 2017. These are large, condo quality apartments in a terrific location less than two miles from the ocean. We achieved a record price per unit at an aggressive 5.1% cap rate. Helping the buyer to close quickly and effi - ciently, Magyar Bank financed the transaction.” Built in 2002, the 10,000 s/f brick, two-story complex consists of 10 two-bedroom, two bath apartments with in-
dividual washers and dryers, spacious open floor plans, in - dividual balconies and porches and ample onsite parking. Fully occupied at the time of sale, with below market rents and no rent control, this property was attractive as a potential a condo conversion opportunity. Point Pleasant is popular Jersey Shore destination in northern Ocean County situated just south of the Manasquan River. It has a good walkability score and is serviced by nearby the New Jersey Coast Line commuter rail along with two bus lines. Daniel Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other invest- ment properties in central New Jersey with a particular focus along the Jersey Shore. Mr. Lanni was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019. He has also been recognized by the Mid Atlantic Real Estate Journal as one of its 40 Under 40 in commercial real estate. About The Kislak Co., Inc. The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leader- ship position and longevity are due to its ability to offer clients a personalized, hands- on approach, coupled with the unrivaled expertise of its long-tenured team of profes- sionals. Kislak’s prestigious client base includes individual investors and owners, partner- ships, financial institutions, and REITs. The firm’s profes - sionals provide comprehensive market coverage through- out New Jersey, New York, Pennsylvania, Delaware, and Florida. MAREJ including a limited supply of viable properties and ap- prehensive commercial land- lords, we are fortunate to have a wonderful roster of clients who are both capable and tenacious enough to close these complicated deals,” said Daniel Tropp ,founder of AEBOV. MAREJ continued from page 10A AEBOV Industrial Real Estate . . .
1005 Trenton Avenue
Lanni handling the assignment on behalf of the seller WSJ II, LLC, and he procured the pur- chaser, L State Realty, LLC.”
At $350,000 per unit, the price represents the highest price achieved for a multifamily property in Point Pleasant and
EXCLUSIVE PROPERTIES FOR SALE
Mansfield, NJ 3.44 Acres with Approvals
Union City, NJ 1.54 AC Land for Redevelopment
Somerville, NJ 45,000 SF Max Levinston ext 308
Matt Weilheimer ext 253 Tom Scatuorchio ext 255
Matt Weilheimer ext 253 Tom Scatuorchio ext 255
Union City, NJ 13 Residential Units Robert Squires ext 287
West Orange, NJ 6 Units + 3 Retail plus 11 Approved Units Tom Scatuorchio ext 255
Freehold, NJ 13,674 SF Retail Daniel Lanni ext 248
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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