E.V.P. Joni Sweetwood Arranges Exclusive Sale of 324 Units in 10 Buildings
Woodbridge, N.J., May 9, 2022 – The Kislak Company, Inc. announced the recent sale of a 10-building portfolio of multifamily properties with 324 units and two cell towers in Elizabeth, Union County, New Jersey, for $50,000,000.
Kislak marketed the properties on an exclusive basis with executive vice president Joni Sweetwood managing the assignment on behalf of the seller to whom she previously sold several of the properties. Ms. Sweetwood also procured the purchaser. The parties were not disclosed.
Ms. Sweetwood commented, “This was an extraordinarily rare opportunity to acquire several hundred units in well-maintained buildings with upside in one of the best areas in Elizabeth, which is consistently one of the strongest rental markets in northern New Jersey. The demand among interested investors was strong and resulted in a bidding war for the portfolio.”
The sale is the highest priced multifamily sale in Union County since 2020 and the highest priced multifamily sale ever in Elizabeth according to data available from CoStar.
The portfolio includes the following properties in and around the desirable Elmora section of Elizabeth: 327-333 Elmora Avenue with 47 units, 750-758 Jersey Avenue with 45 units, 708-722 Westfield Avenue with 41 units, 824-836 Jersey Avenue with 40 unit, 346-352 Elmora Avenue with 30 units, 1254-1258 Waverly Place with 29 units, 137-141 West Jersey Street with 28 units, 845-851 Jersey Avenue with 23 units, 437-443 Elmora Avenue with 23 units, and
24-30 Stiles Street with 18 units.
All of the buildings are within close proximity of each other. The unit breakdown includes 26 studios, 234 one-bedroom units, 60 two-bedroom units and 6 three-bedroom units.
Elizabeth is the fourth most populous city in New Jersey according to the 2020 U.S. Census and the county seat of Union County, New Jersey. It is located approximately 15 miles southwest of New York City.
Joni Sweetwood joined Kislak in 1996 and is also one of the firm’s all-time leading salespeople. She has won numerous awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the company’s production award in 2010, 2011, 2012 2013, and 2018. She has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business. Her career investment sales total more than $1.3 billion.
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, and Delaware.
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.