E.V.P. Joni Sweetwood & S.V.P. Robert Squires Arrange Exclusive Sale of New Luxury Multifamily Property in Somerset County
Woodbridge, N.J., January 4, 2023 — The Kislak Company, Inc. announced the recent sale of Mosaic on Main, a new luxury multifamily property with 63 units and one retail space at 7-15 West Main Street in Bound Brook, Somerset County, New Jersey, for $22,000,000.
Kislak marketed the property on an exclusive basis with executive vice president Joni Sweetwood handling the assignment on behalf of the seller, West Main St. Urban Renewal, LLC, an affiliate of Reynolds Asset Management, which is a longtime client. Senior vice president Robert Squires procured the purchaser, K&A Associates, LLC, another longtime client that completed an I.R.C. Section 1031 like-kind exchange with the purchase. Financing was arranged by M. Tuck Capital Associates.
The record sale price represents the highest price achieved for a multifamily property in Somerset County, New Jersey in 2022 according to data available from CoStar.
Ms. Sweetwood commented, “This was an excellent opportunity in a desirable transit-oriented location and the transaction proceeded relatively smoothly given the motivation of the parties. The seller completed the development with the intention of selling it and the purchaser needed an exchange.”
Mr. Squires added, “ The demand for new multifamily properties remains extremely strong. In this case, we were able to successfully complete an exchange of a 1960s garden apartment complex into this brand-new Class A building. New buildings require much less maintenance and are generally less management intensive.”
The property is a newly constructed ﬁve-story elevator building with 63 market-rate units and one retail space located steps from the Bound Brook train station, restaurants and shopping. It includes a 15-year PILOT program. Bound Brook is a borough in Somerset County, New Jersey located along the Raritan River approximately 35 miles southwest of lower Manhattan. Somerset County is located in the north-central part of New Jersey and consistently ranks highly among the wealthiest counties in the United States.
Ms. Sweetwood joined Kislak in 1996 and is 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 $1.5 billion.
Mr. Squires joined Kislak in 2003 and specializes in the sale of multifamily and other investment properties throughout New Jersey. Consistently among the firm’s leading producers, he received Kislak’s 2017 and 2016 Sima Kislak Jelin Salesperson of the Year award and its 2017 Producer of the Year award.