Kislak Completes $5.3 Million Sale of Fountain Gardens in Long Branch

On Sep 30, 2014

The Kislak Company, Inc., an investment real estate sales firm in the tri-state region, announced the recent $5,300,000 sale of Fountain Gardens, a multifamily property with 46 residential units in Long Branch, Monmouth County, New Jersey. 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,” said 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.”

Constructed in 1962, Fountain Gardens is situated on over 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,” said Robert Holland, 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.”

The seller was represented by V. David Shaheen, Jr. Esq. of Jahos, Broege & Shaheen, LLP and the purchaser was represented by Ronald Nelson, Esq.

Mr. Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment properties throughout New Jersey. He was the recipient of the company’s 2012 Sima Kislak Jelin Salesperson of the Year Award, and has the distinction of handling the single largest sale of a multifamily property in New Jersey in terms of price since 2011 with the sale of Rachel Gardens, a 764-unit apartment complex in Montville, NJ that sold for $136,000,000 in July, 2014.

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