Keyport, NJ — The Kislak Company, Inc. announced the recent sale of Keyport Village Apartments, a 132-unit apartment complex at 251 Atlantic St. in Keyport, Monmouth County, for $29 million.
Kislak marketed the property on an exclusive basis with president Robert Holland and executive vice president Barry Waisbrod managing the assignment on behalf of the seller, Keyport Village Apartments DE, LLC. Executive vice president Joni Sweetwood procured the purchaser and longtime client.
The property consists of six, two-story, brick buildings containing 22 studios, 78 one-bedroom units, 30 two-bedroom units, and two three-bedroom units with modern kitchens upgraded with stainless steel appliances and granite counters and a mix of hardwood floors in the main living areas and carpeting in the bedrooms. Amenities include a fitness center, onsite laundry facilities and shopping and dining within walking distance from the property.
Holland highlighted the team’s expertise in the transaction and the future potential of the property, “The purchaser plans to upgrade the units, which will result in higher rents. I am proud of our teamwork getting this done.”
Waisbrod added, “The seller with whom we have long term relationship took advantage of the strong market and decided to sell, knowing the upside potential of the property due to its location and the quality.”
Sweetwood commented on the sale, “I sold this property to a longtime client who owns many properties outside the area, so this is first-time ownership in an area attractive because of its waterfront proximity and abundant local amenities. With more people working remotely, many people are moving south.”
Conveniently located near the Garden State Parkway and Route 36, the property has diverse, abundant transportation with buses to New York City nearby and ferry services to Manhattan via the Seastreak Ferry Line, just a 20-minute drive from Keyport Village.
Keyport is a borough in northern Monmouth County along Raritan Bay approximately 38 miles south of New York City.