Kislak sells Rose Gardens in Long Branch, New Jersey for $6.45 Million
Long Branch, NJ — The Kislak Company, Inc. announced the recent sale of Rose Gardens, a 32-unit multifamily property at 336 Third Avenue in Long Branch, Monmouth County for $6.45 Million.
Kislak arranged the off-market sale on behalf of the seller, Rose 3 Holdings, LLC with senior vice president Daniel Lanni handling the assignment, and he also procured the purchaser, which was not disclosed. Lanni previously arranged the sale of the property to the seller in 2019.
Constructed in 1955, Rose Gardens is a two-story brick garden apartment with 32 units in a single L-shaped building on 0.82 acre. The unit mix includes two studios and thirty one-bedroom units. The property includes on-site parking.
Lanni said, “We sold the property to the seller in 2019 and only four years later, they realized a significant profit closing at over $200,000 per unit and a 4.75% cap rate. The buyer paid all cash, closed efficiently and is looking forward to adding value to the asset.”
The property is well-located two blocks from both the Long Branch train station and Monmouth Medical Center, a half mile west of the Atlantic Ocean and one mile southwest of Pier Village, the popular Jersey Shore destination that anchors oceanfront Long Branch.
Long Branch is an oceanfront city with a growing population in northeastern Monmouth County 55 miles south of Manhattan – one hour by car and 40 minutes from Wall Street via the Sea Streak Ferry that leaves from nearby Highlands. The Long Branch train station is connected to New York City and northern New Jersey via New Jersey Transit trains on the North Jersey Coast Line.
As of the 2020 United States census, the city’s population was 31,667, a 3.1% increase from 2010, and the population is estimated to have increased another 2.4% to 32,434 in 2022.
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 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 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, Delaware and Florida.
Now in its 117th year, Kislak was among a select group of firms recognized as a 2022 Power Broker by CoStar Group, Inc. and this was the firm’s 17th consecutive recognition. For the second consecutive year, Kislak was named by NJBIZ as one of its Leaders in Real Estate, Construction and Design in New Jersey. MAREJ