WOODBRIDGE, N.J. – The Kislak Company Inc. announced the recent off-market sale of a three-building multifamily portfolio with a total of 118 units in Chatham, Morris County, New Jersey for $33,100,000. Vice president Joseph Keenan represented the seller and vice president Donald Baxter represented the purchaser.
The portfolio includes Garden Court with 42 units at 500 Main Street, Suburban Court with 38 units at 525 Main Street, and Colonial Manor with 38 units at 550 Main Street.
The sellers included family members and partners of the original builder of the properties, which were constructed in the 1950’s. The purchaser was Madison Hill Properties, an active and expanding owner and operator of 16 multifamily properties in northern New Jersey.
The sale is among the largest multifamily sales this year in Morris County in terms of price based on data available from CoStar.
All of the properties consist of brick garden apartments with pitched roofs and on-site parking, including garages. They are located less than one mile from the Chatham train station and a NJ Transit bus service stop is directly in front of the properties.
Chatham is an extremely desirable place to live and invest in given its charming New England-style downtown and suburban neighborhoods, strong demographics, top ranked school system, and easy commutability to New York City and points throughout northern New Jersey.
“Joe and Don did an extraordinary job arranging the sale and guiding the transaction to closing,” said Robert Holland. “The overall price as well as the per unit over $280,000 demonstrates the continued strength of the multifamily market in northern New Jersey. This is especially true in a community like Chatham where multifamily properties rarely change hands.”
“This was a wonderful story” said Keenan “The properties had been in the same family for over 60 years -- the parents of the sellers were the original builders. Identifying the purchaser and the negotiating the final purchase price were just a small part of the transaction. When you are selling a piece of someone’s family history, you must be able to build a trusting relationship with them in order to complete the sale. While the owners were long time landlords, they were first time sellers and it was Kislak’s hands-on approach throughout every aspect of the transaction that ensured a smooth and successful closing – one that all parties involved will speak favorably of for years to come.”
"This sale, although off market, was strewn with competition from other brokers and interested purchasers,” said Baxter. “I believe our success in closing the sale resulted from our relationships with the parties involved. In the end, it was a wonderful experience for the sellers, buyers and brokers. It was among the most gratifying sales of my career."
At the time of closing, the properties were approximately 99% occupied. The seller was represented by James Ottobre of Bourne, Noll & Kenyon of Summit, New Jersey. The purchaser was represented by Jay Greenfield of A.Y Straus of Roseland, New Jersey. Financing was arranged by Elliot Treitel of Meridian Capital Group and provided by ConnectOne Bank through loan officer Michael Straus.
Keenan joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received the firm’s Rookie of the Year award in 2008 and was promoted to a vice president in 2012.
Baxter also joined Kislak in 2006 and also specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received Kislak’s 2009 and 2008 Salesperson of the Year award and also received the firm’s Rookie of the Year award in 2007. He was promoted to a vice president in 2011.
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.