Woodbridge, N.J. – The Kislak Company, Inc. announced the recent sale of The Preserve, a new 30-unit luxury active-adult multifamily property located at 475 Passaic Street in West Caldwell, Essex County, New Jersey for $14,250,000.
Kislak marketed the property on an exclusive basis with senior vice president Joni Sweetwood handling the assignment. The sale was an all-cash transaction. The seller was a New Jersey-based private equity real estate firm and the purchaser was a private investor.
At $475,000 per unit, the sale represents the highest per unit price achieved for a multifamily property in West Caldwell, New Jersey according to data available from CoStar.
The property consists of all two-bedroom units in a three-story elevator building designed in colonial architectural style. The units include eight unique models with an average size of 1,328-square-feet, which are considerably larger than other rental communities in northern New Jersey.
24 of the units are age-restricted to those 55 and the remaining 6 units are unrestricted yet due to the area demand, the requirement was exceeded.
Sweetwood remarked: “This sale exhibits the strength of the luxury market for active adults.”
“Suburban Essex County is among the strongest rental markets in New Jersey and the active adult market is growing as more and more empty nesters seek easy, maintenance-free living,” said Robert Holland, president. “We are helping more and more investors identify and purchase this asset class.”
Newly constructed in 2016, and situated on 28 acres of protected green space, the units offer spacious closets, hardwood floors, granite countertops, stainless steel appliances, washers and dryers, oversized windows, and balconies in most units of the solar-powered building.
Property amenities also include a state-of-the-art fitness facility; clubhouse fully equipped with great room, fireplace, kitchen and business co-working lounge; substantial outdoor patio; reserved covered parking garage; electric car charging capability, onsite storage and 24/7 building security among many other attractive features.
Conveniently located across from a major supermarket and close to numerous restaurants, shopping centers, healthcare and outdoor, recreational facilities, The Preserve also provides an easy commute to New York City and day trip access to Philadelphia, Atlantic City and the Jersey Shore.
Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the company’s production award multiple times since then. She has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage 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 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 112th year, Kislak was among a select group of firms recognized as a 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.