Real Estate
Asbury's Kingsley Arms Property Recently Sold For $18.5 Million
The 100,000 square-foot, eight-story property was last sold in 2010 for $6.9 million.
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ASBURY PARK – The Kingsley Arms Apartments, a 98-unit apartment building located at 200 Deal Lake Drive, was recently sold for $18.5 million.
The property is a 100,000-square-foot, eight-story brick building with 23 studios, 68 one-bedroom units, five two-bedroom units, and two penthouse units, located in a residential area on Deal Lake and one block from the Atlantic Ocean.
The Kingsley Arms were renovated in 2016, with building upgrades completed earlier this year, including on-site laundry facilities, a gym, a media room, and a roof terrace.
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Kislak’s Senior Vice President Daniel Lanni handling the purchase on behalf of the seller, Sackman Residential Holdings LLC, and purchaser, 200 Deal Lake, LLC.
“The property last sold in 2012 for $6,900,000 and in less than 10 years increased in value to $18,500,000, showing the strength of appreciation in the Asbury Park and overall New Jersey multifamily market,” Mr. Lanni said in a statement.
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