Asbury's Kingsley Arms Property Recently Sold For $18.5 Million

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.

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.