Point Pleasant, NJ — The Kislak Company, Inc. announced the $3 million sale of Village Apartments, 10 residential units at 1005 Trenton Avenue in Point Pleasant, Ocean County.
Highlighting the uniqueness of the transaction, vice president Daniel Lanni remarked, “We represented the original builder of Village Apartments on an exclusive basis and achieved a record price per unit for Ocean County from a 1031 exchange buyer. The sale price equated to a 4.5% cap rate with upside in the rents.”
“Dan did an extraordinary job handling the sale and achieving a record price,” said Robert Holland, president.
With a per unit price of $300,000, the sale of Village Apartments exceeded the previous record for the highest sale price per unit for an apartment building in all of Ocean County by $40,000 per unit according to data available from CoStar.
The property, constructed in 2002, sits on .54 acre of land, and consists of a brick row building with upper and lower level condo-quality units, each with two bedrooms and two bathrooms with hardwood floors throughout. A contemporary floor plan features kitchens with all granite countertops which open into the living and dining room areas. On both stories, patios accessed by sliding glass doors face the front of the building. Other amenities include central air conditioning, private basements, individual washers and dryers and on-site parking.
Located in the heart of a renowned Jersey shore town, the luxury apartments are less than two miles from the Atlantic Ocean with an easy walk to shops, restaurants, and train in the downtown. Along the beach is a classic boardwalk which hosts a midway and carnival rides and an aquarium. County and state parks are less than 20 minutes away for further recreational opportunities. Colleges and a university are located less than 10 miles from the apartments.
Daniel Lanni joined Kislak in 2010 and specializes in the sale of multifamily and other investment properties in central and northern New Jersey. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a vice president in 2014.