E.V.P. Joni Sweetwood Handles Exclusive Sale of New Property for Record Price
Woodbridge, N.J., August 27, 2019 – The Kislak Company, Inc. announced the recent sale of Magnolia Lane Luxury Apartments, a new apartment complex with 34 units located at 60 Passaic Avenue in Fairfield, Essex County, New Jersey, for $13,800,000.
Kislak marketed the property on an exclusive basis on behalf of the seller with executive vice president Joni Sweetwood handling the assignment. Ms. Sweetwood also procured the purchaser who was completing an I.R.C. Section 1031 like-kind exchange. The seller engaged Kislak and Ms. Sweetwood and as a result of her success with the recent nearby record sale of The Preserve in West Caldwell.
The sale of Magnolia Lane Luxury Apartments is the single largest sale of a multifamily property ever in Fairfield, New Jersey based on data available from CoStar.
“Essex County is among the strongest rental markets in New Jersey,” said Ms. Sweetwood. “Given the area’s growing rental population and increasing demand for luxury housing, Magnolia Lane presented an exceptional opportunity for an investor to own one of the premier luxury rental properties in suburban Essex County near public transit and with easy access to Routes 80, 46 and 280 and only 20 miles from midtown Manhattan. The property appeals particularly to young couples and ‘empty nesters’ who feel the units are like individual homes but without the headaches.”
Constructed in 2018, the property includes 34 luxury units in four buildings with brick and clapboard style architecture on 2.66 professionally-landscaped acres on a private cul-de-sac. Each unit features a kitchen with quartz countertops, glass backsplash and stainless steel appliances. Other features include private entrances and private garages, high ceilings, full sized washers and dryers, patios or balconies, plank-style flooring and CAT 6A wiring.
Fairfield is an affluent suburban community located in northwestern Essex County approximately 25 miles from New York City.
Ms. Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the firm’s production award multiple times since then, most recently in 2018, and has been recognized repeatedly as one of New Jersey’s Commercial Brokerage All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business.
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.