WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale Croyden Station Apartments, a 92-unit apartment complex in Bristol, Pennsylvania, for $6,550,000. The sale marked the first time the property had been on the market since it was built in 1968.
Kislak marketed the property on an exclusive basis. Sales associate Justin Lupo and vice president Barry Waisbrod represented both parties in the transaction.
“Justin and Barry did an incredible job bringing this property to market in a competitive environment and quickly procuring a purchaser.” said Robert Holland, president. “I commend them on their well-earned success.”
“The sale of Croydon Station Apartments provided an opportunity to acquire a highly desirable asset in Bucks County,” said Lupo. “The transaction reflects the continued strong demand among investors for apartments, even as interest rates began to rise. Given the strength of the market, we obtained an aggressive price for the property, which was approximately 95% occupied at closing.”
“The purchaser was eager to acquire such a strong property from a long term owner,” added Waisbrod.
All units at Croyden Station offer spacious floor plans, eat-in kitchens, and very large walk-in closets. Prior to the sale, the owner had upgraded select units with new kitchens and bathrooms. New hot water heaters were also installed throughout the property.
The property is located along Bristol Pike (U.S. 13) directly across from the Croydon Station SEPTA Line. The station is served by the Trenton Line, which provides access to and from Philadelphia; Trenton, NJ; and NJ Transit to New York City. The property also offers easy access to the Delaware Expressway and Pennsylvania Turnpike.
Justin Lupo joined Kislak in 2014 and was the recipient of the company’s 2015 Rookie of the Year award.
Barry Waisbrod joined Kislak in 2001, is consistently among the company’s leading salespeople and was the recipient of the company’s 2013 and 2015 Sima Kislak Jelin Salesperson of the Year award.
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 110th 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.