WOODBRIDGE, N.J. – The Kislak Company Inc. announced the recent sale of a three-building multifamily portfolio with 62 units in Elizabeth, New Jersey for $5,270,000. Vice president Jeff Squires represented both parties in the transaction.
The sale is the largest multifamily sale in Elizabeth in terms of price since 2011 based on data available from CoStar.
The properties are located on Morris Avenue and North Avenue, and two of the properties are located across from Kean University within close proximity of mass transit and the desirable Elmora section of Elizabeth.
Elizabeth, which is a 20-minute drive or 30-minute direct train ride to Manhattan, is a desirable area for renters and commuters. This particular portfolio of properties includes two and a half story garden apartments with onsite parking that were built in the 1960s.
“Owners of garden apartments in coveted locations often hold real estate in the family for several generations, as this developer did,” explained Squires. “These buildings have historically high occupancy rates, in an extremely strong rental market. This was a rare opportunity.”
Kislak was engaged to represent the owner on an exclusive basis in order to complete the disposition of family-owned multifamily assets over an extended period of several years. This sale represented a portion of a larger portfolio, consisting of seven Elizabeth apartment buildings. Kislak was granted exclusive marketing rights to this portfolio thanks to its longstanding relationship with the family.
Jeff Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment real estate throughout northern New Jersey. After his first year with the company, he received Kislak’s prestigious Rookie of the Year Award; subsequently, he was named a vice president in 2009, becoming one of the youngest salespeople to earn that distinction in Kislak’s history. Today, he is one of Kislak’s leading producers.
In 2014, Mr. Squires represented both parties in the exclusive, court appointed sale of Rachel Gardens, a 764-unit apartment complex in Montville, New Jersey. It was the single largest multifamily sale in New Jersey since 2011 and was recognized by the Mid Atlantic Real Estate Journal as the single largest multifamily sale in New Jersey in 2014. Squires was also recognized as a 2014 CoStar Power Broker for northern New Jersey multifamily sales and among the five leading brokers for investment sales in the Mid-Atlantic region by Mid Atlantic Real Estate Journal.
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 109th year, Kislak was among a select group of firms recognized as a 2014 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s ninth consecutive recognition.