V.P. Justin Lupo Orchestrates Sales of Properties in Highland Park, N.J., Pottstown, PA & Morrisville, PA
Woodbridge, N.J., August 5, 2019 – The Kislak Company, Inc. announced the recent completion of a three-property I.R.C. Section 1031 like-kind exchange for $33,300,000 in New Jersey and Pennsylvania. The exchange consisted of the following transactions.
- The $5,300,000 sale of Ausonia Apartments, a 26-unit multifamily property with two commercial units located at 501-505 Raritan Avenue in Highland Park, Middlesex County, New Jersey;
- The $8,000,000 sale of Arbor Grove Apartments, a 104-unit multifamily property located at 957 and 960 Hale Street, 941 North Warren and 990 Washington Street in Pottstown, Montgomery County, Pennsylvania; and
- The $20,000,000 sale of Castle Club Apartments, a 158-unit multifamily property located at 254 West Trenton Avenue in Morrisville, Bucks County, Pennsylvania.
The seller of Ausonia Apartments, and Arbor Grove Apartments, which previously purchased the properties through Kislak in 1999 and 2002, respectively, purchased Castle Club Apartments.
Kislak was engaged on an exclusive basis to sell Ausonia Apartments and Arbor Grove Apartments with vice president Justin Lupo handling the assignments on behalf of Ausonia Apartments Partnership GP and Belmont Apartments Partnership LLC, respectively. He also procured the purchasers of the properties, 501 Raritan Ave LLC and Arbor Grove Realty LLC, and arranged the off-market sale of Castle Club Apartments in order to complete the exchange. The seller of Castle Club Apartments was RRG Castle Club Apartments LP and the purchaser was New Ausonia LLC and New Belmont LLC.
“This series of transactions is a clear demonstration of the importance of Kislak’s real estate advisory role in the multifamily investment market,” said Mr. Lupo. “The sellers of Ausonia and Arbor Grove made a strategic decision to market the properties with us on an exclusive basis, subject to an exchange. Concurrently with our marketing program, it was imperative to leverage our client relationships in order to identify an ideal exchange property. The purchasers of Arbor Grove and Ausonia also trusted our ability to complete the sales in a timely manner. The sellers of Castle Club, who also have a long term relationship with Kislak, understood the importance of satisfying the exchange as the timing provided an opportunity for a quick and quiet disposition of their asset.”
Ausonia Apartments is a five-story mixed use building with 26 residential units, two ground floor retail units and four rooftop cell phone towers. Built in 1950, the property is located in the heart of downtown Highland Park, New Jersey, within walking distance to an abundance of commercial offerings and Rutgers University’s New Brunswick campus.
The building includes elevator service to each floor and the unit mix consists of studios, one- and two-bedroom apartments ranging in size from 600 to 1,000 square feet. All units feature 10-foot ceilings, large closets, ceiling fans, and hardwood floors through¬out; and the building includes on-site laundry facilities. Significant capital improvements had recently been completed by the seller.
Highland Park is a desirable community centrally located in Middlesex County with a strong rental market. At the time of closing, Ausonia Apartments was fully-occupied.
Arbor Grove Apartments is a two-story brick garden style apartment complex with pitched roofs containing 104 residential units and 12 garages. Built in 1953, the property is located just 20 minutes from King of Prussia and Exton.
The property includes spacious one and two bedroom floor plans ranging in size from 650 to 825 square feet, some with new kitchens. On-site amenities include off street parking, laundry facilities, courtyards, and 24 hour emergency maintenance. Many roofs were recently replaced.
Castle Club Apartments is also a two-story brick garden style apartment complex. The property contains 158 residential units with a mix of one-, two- and three-bedroom units. It is located minutes away from Interstate-95 and the Pennsylvania Turnpike approximately 25 minutes from Princeton, New Jersey and Center City Philadelphia.
Some of the apartments had recently been renovated. Apartment amenities include fully-equipped kitchens, washers and dryers, air conditioning with individual climate control, and balconies or patios. Property amenities include controlled building access, beautifully landscaped grounds with courtyards and picnic area, a community room, swimming pool and fitness center with additional storage available.
Justin Lupo joined Kislak in 2014 and specializes in the sale of multifamily and other investment properties in New Jersey and eastern Pennsylvania. He was the recipient of the firm’s 2015 Rookie of the Year award and 2018 Sima Kislak Jelin Salesperson of the Year award. Mr. Lupo has become one of Kislak’s leading salespeople with investment sales totaling more than $250 million.
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 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 113th year, Kislak was among a select group of firms recognized as a 2018 Power Broker by CoStar Group, Inc. and this was the firm’s thirteenth consecutive recognition.