Kislak arranges record Atlantic City multifamily sale

The Kislak Co. Inc. recently arranged a record-breaking multifamily deal in Atlantic City.

According to a June 27 announcement from the Woodbridge-based brokerage, the $20.5 million sale of the three-property portfolio marks the city's largest in at least 10 years. Citing CoStar data, Kislak also noted it is the largest transaction in Atlantic County in more than a year.

The package totals 258 units.

Kislak exclusively marketed the property. The firm represented both the undisclosed buyer as well as the sellers, Atlantic Venice Park LLC, Venice Park LLC and Hamilton Venice Park LLC. Executive Vice President Joni Sweetwood handled the assignment.

According to the firm, all parties are longtime clients and have worked with Sweetwood numerous times.

"The offering presented a unique opportunity to acquire a large number of units with upside potential in the Atlantic City market," she commented.

The portfolio includes:

• Atlantic Venice Park Apartments 112 units
  
  1922 Beach Ave., 1917 N. Columbia Ave. and 1925 North Arkansas Ave.



• Venice Park Condominiums 78 units (operated as rentals)
  
  2304 Sheldon Ave., 2304 Hamilton Ave., and 905 W. Riverside Drive



• Hamilton Venice Apartments 68 units
  
  1801 N. Mississippi Ave. and 1800 N. Missouri Ave.

 

According to Apartments.com , monthly rents at Hamilton Venice Apartments range from$1,450 - $1,600.

The properties are near the water and Atlantic City boardwalk, as well as shopping, hotels and casinos; Routes 30 and 40; and the Atlantic City Expressway.

Sweetwood said the buyer plans to "renovate the units and improve the properties."

The collection of garden-style residential communities was built in 1970. It consists of 33 two-story buildings. The unit mix includes 237 two-bedroom units and 21 one-bedroom units.

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