16 — October 2024 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
SVP Daniel Lanni arranges sale of 18-unit property in coastal Monmouth County Kislak sells Morris Mews Apartments in Long Branch, NJ for $3.5 Million
L
Prospect, LLC, and he also procured the purchaser, CRE Realty Group, LLC. Built in 1966, the 12,600 s/f, brick, two-story garden apartment complex consists of 16 one-bedroom units and two two-bedroom units with onsite parking and laundry facilities. The property was fully occu- pied at the time of sale and a value add-opportunity given its below market rents and no local rent control. Lanni said, “I previously arranged the sale of the prop- erty to the seller in 2020 and four years later identified
an aggressive purchaser in need of an I.R.C. Section 1031 exchange who proceeded at a 5.1% cap rate. The offering included an existing mortgage with a year remaining at a 3.5% interest rate. The attrac - tive financing will assist in the execution of the purchaser’s value-add strategy.” The property is located in coastal Long Branch in east- ern Monmouth County ap- proximately four-tenths of a mile southeast of Pier Village, the Long Branch Boardwalk, and the Atlantic Ocean. It is a block from the Long Branch train station, which provides service to and from New York City. Monmouth Medical Cen- ter and Brookdale Commu- nity College’s Long Branch Campus are also nearby. The property has a Walk Score of 75 out of 100. Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of mul- tifamily and other investment 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 lead - ership position and longev- ity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s pres- tigious client base includes individual investors and own- ers, partnerships, financial institutions, and REITs. The firm’s professionals provide comprehensive market cover- age throughout New Jersey, New York, Pennsylvania, Delaware, and Florida. Now in its 118th year, Kislak was among a select group of firms recognized as a 2023 Power Broker by Co- Star Group, Inc. and this was the firm’s 18th consecutive recognition. MAREJ
ONG BRANCH, NJ — The Kislak Com- pany, Inc. announced
the recent sale of Morris Mews, an 18- unit garden apartment complex in Long Branch, Monmouth County, for $3,500,000. Kislak ar-
Daniel Lanni
ranged the sale with senior vice president Daniel Lanni handling the assignment on behalf of the seller, SW 366
Morris Mews
EXCLUSIVE PROPERTIES FOR SALE
Newark, NJ Approved Site | 40 Units Tom Scatuorchio ext 255
Dunellen, NJ Approved Site | 33 Units Max Levinston ext 308
Newton, NJ 101 Residential Units + 12,000 SF Medical Condo Joseph Keenan ext 256
Union City, NJ 13 Residential Units Robert Squires ext 287
Linden, NJ 2 Retail Units + Offices Above Jeff Squires ext 246
Maplewood, NJ 2 Retail Units + Single Family House Scott Davidovic ext 290
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
Made with FlippingBook interactive PDF creator