Woodbridge, N.J. – The Kislak Company, Inc. announced the $7,550,000 sale of North Park Towers, a 77-unit multifamily property located at 584-600 Salem Avenue, Elizabeth, New Jersey, one of Elizabeth’s largest free-market apartment buildings.
Senior Vice President Jeff Squires marketed the property on an exclusive basis on behalf of the seller and Vice President Rob Squires procured the purchaser.
“We have seen the demand for multifamily properties in the New York City metro area skyrocket over the past few years,” said Jeff Squires. “The owner of North Park Towers awarded Kislak with an exclusive listing to sell the property and we generated tremendous interest from local and national investors. Ultimately, we procured a purchaser in less than 30 days at near full asking price.”
“North Park Towers traded for about double of what it was purchased for less than five years ago,” added Jeff Squires. “Each time the property trades, the new ownership will seek ways to enhance the value through capital improvements and increasing the rental income.”
“Properties like this are extremely challenging to acquire,” added Rob Squires. “There are so many buyers and so few sellers. Once we identified the buyer, the deal moved swiftly to closing and both buyer and seller were pleased with the outcome.”
With full occupancy at closing, the five and a half-story brick apartment building, situated in the Westminster section of Elizabeth, features a mix of studio and large one- and two-bedroom units accessible by elevator.
Located in the heart of Elizabeth, one of the largest cities in New Jersey, the property is in close proximity to two train stations that provide direct access to New York City.
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 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.