SVP Daniel Lanni arranges sale of 18-unit property in coastal Monmouth County
Long Branch, NJ — The Kislak Company, Inc. announced the recent sale of Morris Mews, an 18-unit garden apartment complex in Long Branch, Monmouth County, for $3,500,000.
Kislak arranged the sale with senior vice president Daniel Lanni handling the assignment on behalf of the seller, SW 366 Prospect, LLC, and he also procured the purchaser, CRE Realty Group, LLC.
Built in 1966, the 12,600 s/f, brick, two-story garden apartment complex consists of 16 one-bedroom units and two two-bedroom units with onsite parking and laundry facilities. The property was fully occupied at the time of sale and a value add-opportunity given its below market rents and no local rent control.
Lanni said, “I previously arranged the sale of the property to the seller in 2020 and four years later identified an aggressive purchaser in need of an I.R.C. Section 1031 exchange who proceeded at a 5.1% cap rate. The offering included an existing mortgage with a year remaining at a 3.5% interest rate. The attractive financing will assist in the execution of the purchaser’s value-add strategy.”
The property is located in coastal Long Branch in eastern Monmouth County approximately four-tenths of a mile southeast of Pier Village, the Long Branch Boardwalk, and the Atlantic Ocean. It is a block from the Long Branch train station, which provides service to and from New York City. Monmouth Medical Center and Brookdale Community College’s Long Branch Campus are also nearby. The property has a Walk Score of 75 out of 100.
Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in central New Jersey with a particular focus along the Jersey Shore. Mr. Lanni was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019. He has also been recognized by the Mid Atlantic Real Estate Journal as one of its 40 Under 40 in commercial real estate.
About The Kislak Co., Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware, and Florida.
Now in its 118th year, Kislak was among a select group of firms recognized as a 2023 Power Broker by CoStar Group, Inc. and this was the firm’s 18th consecutive recognition.
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