LONG BRANCH, NJ—The Kislak Company has arranged the sale of Fountain Gardens, a 46-unit multifamily property in Long Branch, Monmouth County, NJ, for $5.3 million. Kislak vice president Jeff Squires represented both parties in the transaction.
“We are beginning to see some long-time owners deciding to sell their multifamily properties given the historically high prices the properties are commanding,” says Squires. “Buyers are jumping at opportunities to own quality real estate in prime locations, regardless of current conditions or cash flows. These types of opportunities can be extremely lucrative for the long-term buy and hold strategy. The seller owned Fountain Gardens for over 40 years and it was on the market for only a week before we procured a buyer on an all-cash basis.”
Built in 1962, Fountain Gardens is situated on more than one and a one-half acres and includes a combination of large one- and two-bedroom apartments. It is conveniently located on Ocean Avenue one block from the Atlantic Ocean. The property has abundant on-site parking, many of the units have balconies with ocean views, and it is conveniently located within walking distance of Monmouth University, the Long Branch Train Station and Pier Village.
“Jeff did an excellent job engaging the seller on an exclusive basis and generating a tremendous amount of interest in the property in a very short period of time,” says Robert Holland, Kislak's president. “Monmouth County is an especially strong market for multifamily and other investment properties and the sale of Fountain Gardens is Kislak's sixth such sale in the last six months.”
V. David Shaheen, Jr. Esq. of Jahos, Broege & Shaheen LLP represented the seller and Ronald Nelson Esq. represented the buyer.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
