Kislak Brokers $33.7M Sale of 125-Unit Toms River Apartment Complex

New Jersey-based brokerage The Kislak Co. Inc. negotiated the $33.7 million sale of Hope's Crossing, a 125-unit apartment community in Toms River, located near the Jersey Shore.

The property sits on 12.6 acres and was built in 1994. It consists of 14 buildings that mainly contain two- and three-bedroom units, a unit mix that suits family renters.

Barry Waisbrod of Kislak represented the seller and also found the buyer. Both parties asked to remain anonymous, so the identities of the investors were not disclosed.

For investors and lenders, the deal gives a reference point for pricing a mid-sized, 1990s-era multifamily asset with larger unit types in a coastal New Jersey market.

Practical implication: buyers underwriting older Jersey Shore apartment properties should verify unit mix, site acreage and building count against local zoning and capital-needs records before relying on comparable sale pricing.