TOMS RIVER, NJ — The Kislak Company Inc. announced the recent $35.2 million sale of Jamestowne Village Apartments in Toms River, Ocean County. Senior vice president Matt Weilheimer represented the seller, co-managing director Jeffrey Wiener and vice president Jonathan Greenberg together represented the purchaser, JP Management, and chief operating officer Jason Pucci provided transaction management and support.
The property includes 282 one- and 56 two-bedroom units in 24 two-story brick garden style buildings with semi-private entrances on 16 acres. The property was constructed between 1969 and 1971, and 90% of the units have been renovated.
The sale of Jamestowne Village is the single largest sale of a multifamily property in Ocean County, New Jersey in terms of price since 2011 based on data available from CoStar.
“The seller was able to maximize value, while the purchaser had the ability to upgrade the asset considerably with the implementation of a capital improvement plan,” said Weilheimer.
“The multifamily market is so hot in New Jersey that the value of this property was increasing every day the property was under contract,” said Greenberg. “The purchaser is very familiar with the market, which confirmed his decision to acquire this asset.”
Jamestowne Village is located just north of Rte. 37, approximately five miles west of the Atlantic Ocean, 56 miles north of Philadelphia and 73 miles south of New York City. Toms River and Ocean County are among the fastest growing municipalities and counties, respectively, in New Jersey. As of the 2010 United States Census, the county population increased 12.8% from the 2000 Census to become the fifth-most populous county in the state.