S.V.P. Joseph Keenan, S.V.P. Jeff Squires & E.V.P. Joni Sweetwood Arrange Exclusive Sale of 193 Units
Woodbridge, N.J., March 30, 2022 — The Kislak Company, Inc. announced the recent sale of Elizabeth Towers, a 193-unit high-rise apartment building at 315 West Grand Street in Elizabeth, Union County, New Jersey, for $14,300,000.
Kislak marketed the property on an exclusive basis with senior vice presidents Joseph Keenan and Jeff Squires handling assignment on behalf of the seller, MMH II, LLC – Marshall & Moran Inc. Executive vice president Joni Sweetwood procured the purchase, Elizabeth Towers TG, LLC, an affiliate of a longtime client.
Elizabeth Towers is a well-maintained 13-story senior housing building with 193 income and age restricted-units pursuant to the HUD Section 236 Rental Assistance Program and a PILOT program.
“Jeff and I brought this to market and immediately received tremendous interest,” commented Mr. Keenan. “We had many showings, multiple bids and several meetings between the sellers and potential buyers. It is not often such a property comes to market. I am extremely grateful to our clients for extending us the opportunity to work on the property on an exclusive basis.”
“Elizabeth Towers is one of the premier high-rise properties in the Elmora section of Elizabeth,” noted Mr. Squires, who described the process. “Our team worked with the sellers and buyers who were required to obtain approvals at both the state and municipal levels, including an assumption of the PILOT program.”
“We persevered with our longtime client to get the deal done after other brokerage companies worked on the property but failed to do so,” added Ms. Sweetwood.
Situated in the desirable Elmora section of Elizabeth, the elevator building houses 72 studios, 120 one-bedroom units, and one two-bedroom apartments, most of which are subsidized. Amenities include a concierge service and on-site parking.
The building was fully occupied with a waiting list at the time of the sale. Additional rental income from seven rooftop antennas allowed tenant rents to be kept below market, along with the HUD subsidies. Lending for the sale was financed by New York Community Bank.
Mr. Keenan joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received the firm’s Rookie of the Year award in 2008 and was promoted to a senior vice president in 2019. Mr. Keenan’s investment sales total more than $250 million.
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.
Ms. 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 $1.2 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.