S.V.P. Jeff Squires Arranges Exclusive Sales in Elizabeth and Hillside
Woodbridge, N.J., December 14, 2022 – The Kislak Company, Inc. announced the recent sale of a multifamily portfolio in Union County, New Jersey for $15,000,000 that includes the following properties: a 33-unit property at 435 West End Avenue in Elizabeth, a 28-unit property at 1247 Clinton Place in Elizabeth, a 32-unit property at 233-241 West Grand Street in Elizabeth, a 17-unit property at 129 West Grand Street in Elizabeth, and a 10-unit property at 1500 Liberty Avenue in Hillside.
Kislak marketed the portfolio on an exclusive basis with senior vice president Jeff Squires handling the assignment, and he also procured the purchaser. The parties were not disclosed.
Mr. Squires commented: “We were hired on an exclusive basis by a family of multi-generational owners who owned and managed these buildings for over 30 years. The current rents are about 30% under today’s fair market value, which provides an exceptional opportunity for the new owners.”
The portfolio consists of six, two-and-one-half story, brick, garden apartment buildings located in the desirable Elmora section of Elizabeth with well-maintained apartments, common areas and landscaping. Amenities include landlord-subsidized heat, water and sewer; air conditioning, laundry facilities, and on-site parking. The buildings, fully occupied at the time of sale, are located minutes from the Elizabeth train stations with direct access to New York City.
In the last 12 months, Mr. Squires completed five multifamily sales with 546 units in the Elizabeth market. Among them was a similar portfolio in the Elmora section of Elizabeth known as Cherry Pines for $17,500,000. He remarked upon a current trend in this market: “Some long-term owners are capitalizing on today’s pricing which is considerably higher than their original acquisition costs.”
Funding for the current sale was provided by Walker & Dunlap.
Mr. 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 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 thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware and Florida.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition. For the second consecutive year, Kislak was named by NJBIZ as one of its Leaders in Real Estate, Construction and Design in New Jersey.