WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of five multifamily properties in Elizabeth, Union County, New Jersey for a total of $12,256,000. The three transactions include the sale of Maple Bay Estates, a 24-unit apartment building for $5,925,000; a three-building, 44-unit portfolio for $4,576,000; and a 20-unit mixed use property on Rahway Avenue for $1,755,000.
Vice president Jeff Squires represented the seller and purchaser in each transaction.
Maple Bay Estates is a newly-constructed, condominium-quality apartment building located on Maple Avenue in Elizabeth with garage parking under the building. The property features elevator access to large 1,500 square foot two- and three-bedroom units that include two bathrooms and luxury finishes throughout. Each unit also has hardwood floors and a balcony. The property is conveniently located minutes from the New Jersey Turnpike and U.S. Routes 1 and 9.
“Maple Bay Estates is the most luxurious rental property I have ever seen built in Elizabeth,” said Squires. “The record-shattering price of almost $250,000 per unit illustrates the strong investor demand for quality properties in such close proximity to New York City. Our purchaser swiftly moved to closing on an all-cash basis.”
The three-building portfolio sale includes 1970’s era garden apartment buildings with on-site parking located on North Avenue, South Broad Street and Williamson Street. Property sizes were 15, 18 and 11 residential units, respectively, with studios, one-bedroom units and two-bedroom units. They have been meticulously maintained by the original developer.
“Jeff Squires has sold more than 10 properties with hundreds of units for the family that sold the portfolio over the past few years,” said Robert Holland, president. “These transactions often included record-breaking prices, both in terms of the overall price and the price per unit, earning our client’s confidence in Jeff and the Kislak team.”
“The portfolio properties were located in the most desirable residential neighborhoods in Elizabeth including the coveted Elmora section,” said Squires. “The buildings are among the most attractive garden apartment properties in the city and the $104,000 per unit price is unprecedented for this vintage in Elizabeth.”
The Rahway Avenue property is centrally located in a residential neighborhood near Carteret Park only one block from Elmora Avenue. The retail portion had stable historic occupancy and was fully leased at the time of closing.
Jeff Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. After his first year with Kislak, he received the firm’s prestigious Rookie of the Year award and was subsequently promoted to a vice president in 2009, He was also the recipient of the firm’s 2012 Sima Kislak Jelin Salesperson of the Year award and 2014 Producer 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 firm 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 2015 Power Broker by CoStar Group, Inc. and this was the firm’s tenth consecutive recognition.