Woodbridge, N.J. – The Kislak Company, Inc. announced the $8.5 million sale of Tall Tree Apartments, a 68-unit multifamily property located at 175 Buckelew Avenue in Jamesburg, New Jersey in Middlesex County – the state’s second most populous county.
Vice president Daniel Lanni represented the seller and purchaser in the first sale of this property in over 30 years at an aggressive 4.5% cap rate. Recently, Kislak also sold a combined 120 units to the purchaser.
Highlighting Kislak’s relationship to the seller and the high demand for multifamily properties in this region, Mr. Lanni said: “We previously sold more than 200 units for the seller and this was the last multifamily property in their portfolio. The experienced purchaser moved quickly and performed well to ensure a successful closing. The demand for multifamily properties in central New Jersey remains at an all-time high.”
“Dan did an excellent job orchestrating this off-market sale,” said Robert Holland, president.
The property is a fully occupied, four-building apartment complex with on-site parking and consists of 10 studios, 38 one bedroom units, and 20 two bedrooms unit. In 2015, the roof was replaced and new sidewalk pavers were installed. Future plans for this value-add opportunity include renovation of the apartments, thereby increasing the rental income potential.
Noah Burton, Esq. of Schwartz Burton LLP represented the purchaser and Tara Phelan Carver, Esq. of Giordano, Halleran & Ciesla, represented the seller. Meridian Capital Group arranged financing for the transaction.
Daniel Lanni joined Kislak in 2010 and specializes in the sale of multifamily and other investment properties in central and northern New Jersey. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a vice president in 2014.
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 112th year, Kislak was among a select group of firms recognized as a 2017 Power Broker by CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.