S.V.P. Jeff Squires Handles Exclusive Sales
Woodbridge, N.J., June 12, 2019 – The Kislak Company, Inc. announced the recent sales in Union County, New Jersey of the following multifamily properties: Riverside Gardens, which consists of 46 units on Riverside Drive in Cranford, for $11,300,000; and 43 units on West Third Avenue and 17 units on Walnut Street in Roselle for $5,700,000.
Kislak marketed the properties on an exclusive basis with senior vice president Jeff Squires handling the assignments. Mr. Squires also procured the purchasers.
“Riverside Gardens was an unusual opportunity for an investor to acquire one of the largest and most exclusive apartment communities in the municipality.” said Mr. Squires. According to CoStar records, $11,300,000 was the second highest price ever paid for a multifamily property in Cranford.
Situated along the Rahway River, Riverside Gardens consists of four three-story brick buildings overlooking a well-maintained, grassy courtyard with nine standard one-bedroom apartments, 29 large one-bedroom apartments, and eight two-bedroom apartments along with 14 detached garages, several parking spaces, and onsite laundry in each building. Half of the units have been renovated and under-market rents remain in most units.
The property on West Third Avenue in Roselle include two brick buildings containing 14 studios and 29 one-bedroom apartments, all with rents at least 30% below-market. The original builder’s family had owned the complex since the 1960s. It is situated in an attractive residential neighborhood less than one block from city hall, the local police department, public library and downtown city center.
Squires remarked on the strength of the area: “Roselle is a tremendous rental market where apartment building owners will often hold multifamily assets across several generations. This 43-unit sale marks the largest multifamily transaction with the most units sold in the city in well-over 10 years.”
The property on Walnut Street in Roselle contains two studios, 12 one-bedroom apartments, two two-bedroom apartments and one three-bedroom apartment. It is also in a prime location just one block from Roselle’s downtown.
Jeff Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. Consistently among Kislak’s leading salespeople, he received the firm’s 2008 Rookie of the Year award, 2012 Sima Kislak Jelin Salesperson of the Year award and 2014 and 2016 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 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.