Village Apartments in Point Pleasant recently sold as part of a 1031 exchange, brokerage firm The Kislak Company recently announced.
The sale, the firm said, set a record price for Ocean County apartment complexes at $3 million for the 10-unit complex.
Vice President for Kislak Daniel Lanni represented the seller of Village Apartments, located at 1005 Trenton Ave.. The sale price, Lanni said, equated to a 4.5 percent cap rate with upside in the rents.
“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,” Kislak said in a news release.
“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.”
Village Apartments were constructed in 2002. According to data from CoStar, the sale of the complex exceeded the highest sale price in apartments in all Ocean County by $40,000.