Red Bank, NJ — The Kislak Company, Inc. announced the recent sale of a new 45-unit luxury apartment building in downtown Red Bank, Monmouth County for $17.75 million.
Vice president Daniel Lanni represented both parties in the transaction.
“The market for multifamily properties remains extremely strong throughout New Jersey, particularly for new construction in walkable downtowns,” said Robert Holland, president. “Red Bank is among the most desirable municipalities in central New Jersey and along the Jersey shore with one of the most vibrant downtowns. Daniel did an outstanding job marketing and selling the property for a record price.”
The sale represented the highest per unit price ever paid, at $394,444, for an apartment building in Red Bank and Monmouth County according to data available from CoStar.
The property is a class A luxury apartment building completed in 2015. Units have open floor plans with walk-in closets, stainless steel appliances, on-site storage units and on-site garage parking with video monitoring. The property is located one block from the Red Bank train station.
Red Bank is located on the Navesink River approximately five miles from the Atlantic Ocean and 50 miles from New York City. Its downtown includes a mix of businesses, restaurants and eclectic and luxury retailers including Tiffany & Co. and Restoration Hardware, along with a thriving arts scene anchored by the historic Count Basie Theatre.
Lanni joined Kislak in 2010 and specializes in the sale of multifamily and other investment properties throughout Monmouth and Ocean County. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a vice president in 2014.