Senior vice president Daniel Lanni arranges exclusive sale of 127 units
Belmar, NJ — The Kislak Company, Inc. announced the recent sale of a two-property multifamily portfolio in Monmouth County for $34 million. The portfolio includes a 92-unit property in Belmar and a nearby property with 35 units that was not disclosed.
Kislak marketed the portfolio on an exclusive basis with senior vice president Daniel Lanni handling the assignment on behalf of the seller, and he also procured the purchaser. Both parties are longtime Kislak clients.
Lanni commented, “These are trophy properties in A+ Jersey shore locations with significant value-add potential. Although the transaction had its challenges, all parties involved worked well together to resolve issues and ultimately close at a record price per unit.”
The apartments in Belmar are ideally located on Ocean Avenue directly across from the Atlantic Ocean in the heart of coastal Belmar. The property includes 84 one-bedroom units and eight two-bedroom units, on-site parking and upside potential.
The second property includes six studios, 23 one-bedroom units and six two-bedroom units in a comparably ideal location and the property also offers upside potential.
Monmouth County is located on the coast of central New Jersey along the northern half of the Jersey Shore. As of the 2020 U.S. Census, its population was 643,615, making it the state's fifth-most populous county and representing a 2.1% increase since 2010.
Daniel Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in central New Jersey with a particular focus along the Jersey Shore. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019.
About The Kislak Company, 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 leadership 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 professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.