Kislak sells Atlantic City, NJ multifamily portfolio for $20.5M

Executive VP Joni Sweetwood arranges sale of three properties with 258 units

Woodbridge, NJ — The Kislak Company, Inc. announced the recent sale of a three-property multifamily portfolio with a total of 258 units in Atlantic City, Atlantic County, for $20.5 million.

The portfolio includes Atlantic Venice Park Apartments with 112 units at 1922 Beach Ave., 1917 North Columbia Ave. and 1925 North Arkansas Ave.; Venice Park Condominiums with 78 units operated as rentals at 2304 Sheldon Ave., 2304 Hamilton Ave., and 905 West Riverside Dr.; and Hamilton Venice Apartments with 68 units at 1801 North Mississippi Ave. and 1800 North Missouri Ave.

Kislak marketed the portfolio with executive VP Joni Sweetwood handling the assignment on behalf of the sellers, Atlantic Venice Park, LLC; Venice Park, LLC; and Hamilton Venice Park, LLC. Sweetwood also procured the purchaser, which was not disclosed. All parties are longtime Kislak clients for whom Sweetwood has completed many other sales.

The record sale represents the largest multifamily sale in Atlantic City in at least 10 years and the largest multifamily sale in Atlantic County in over a year according to data available from CoStar.

Built in 1970, the portfolio consists of 33 two-story buildings with 258 garden-style residential units in suburban Atlantic City.