WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of two multifamily properties with a total of 126 residential units in Union County, New Jersey for $15,350,000. The separate transactions include the $8,850,000 sale of Riverside Garden Apartments, a 46-unit complex in Cranford and the $6,500,000 sale of a two-building portfolio with 80 units in Elizabeth.
Kislak marketed the properties on an exclusive basis and senior vice president Jeff Squires represented all parties in the transactions.
“The market for well-located and high performing multifamily properties remains very strong throughout New Jersey,” said Robert Holland, president. “As always, Jeff did an outstanding job bringing these properties to market. He generated a great deal of serious interest among many well-qualified investors and ultimately procured the best buyers who were eager to purchase these properties.”
Riverside Garden Apartments is located in the heart of affluent Cranford within walking distance of the local train station that provides direct service to and from New York City. The three-story brick garden apartment complex consists of 46 one- and two-bedroom units with detached garages. Each apartment features fully-equipped kitchens and hardwood flooring throughout.
“Riverside Garden is a premium-priced property which had been family-owned for two generations,” said Squires. “Investors have been jumping at the opportunity to own multifamily properties near mass transit-oriented communities like the recently redeveloped downtown Cranford”.
The Elizabeth portfolio consists of a 46-unit building on North Broad Street and a 34-unit building with on-site parking on East Jersey Street. The seller is a long-time Kislak client who purchased several other multifamily properties through Squires over the years.
“The seller took advantage of today’s strong market and increasing prices, which are being driven by unprecedented rent growth and lower interest rates,” said Squires. “The purchaser already started a capital improvement program and will continue renovations to maximize the growth potential of both buildings.”
News of the two transactions follows Kislak’s recent announcement of Squires’ promotion to a senior vice president. Squires, a 10-year Kislak veteran, was the firm’s leading producer in 2014 and 2016, demonstrating his consistent ability to deliver successful results for his clients.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm 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 111th 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.