E.V.P. Matt Weilheimer Arranges Exclusive Sale of 121 Income-Restricted Units
Woodbridge, N.J., June 28, 2022 – The Kislak Company, Inc. announced the recent sale of a portfolio of affordable income-restricted multifamily properties in northern and central New Jersey for a total of $14,145,000.
Kislak marketed the properties on an exclusive basis with executive vice president Matt Weilheimer handling the assignment, and he also procured three purchasers for the four properties. The parties were not disclosed.
Eagle View Apartments with 48 units at 206 Joan Warren Way/402 Market Street in Monroe Township, Middlesex County sold for $7,275,000.
The Hills at Rockaway with 30 condominium units operated as rentals at Parkview Lane in Rockaway, Morris County sold for $3,200,000.
The Preserve at Matawan with 31 condominium units operated as rentals at Sloan Court in Matawan, Monmouth County sold for $2,370,000.
Don’s Apartments with 12 units at 660 South Orange Avenue in Livingston, Essex County sold for $1,300,000.
Mr. Weilheimer commented, “The availability of the portfolio presented a rare opportunity for investors to acquire 121 desirable affordable housing units in very strong northern and central Jersey locations. The properties had between 17 and 27 years of affordability restrictions left on the initial terms. For many years, we saw a limited number of investors owning and operating in the affordable sector but now, especially given the need for affordable housing, the demand is increasing among investors including some who traditionally focused on market rate housing. We experienced this trend firsthand with our marketing and sale of the portfolio.”
Eagle View Apartments was built in 2017 and includes 48 income restricted units. The property consists of 10 one-bedroom units, 28 two-bedroom units and 10 three-bedroom units. The property is conveniently located near access to the New Jersey Turnpike, Routes 33 and 130 and New Jersey Transit.
The Hills at Rockaway was built in 2017 and includes 30 income restricted units that are operated as rentals within a 142-unit condominium townhouse complex. The property includes six one-bedroom units, 18 two-bedroom units and six three-bedroom units. The property offers easy access to Routes 15, 46 and 80.
The Preserve at Matawan was built in 2009 and includes 31 income restricted units that are operated as rentals within a 157-unit condominium complex. The property includes six one-bedroom units, 16 two-bedroom units and nine three-bedroom units. It offers easy access to Routes 79 and 34, the Garden State Parkway and the Matawan train station, which is within two miles.
Don’s Apartments was built in 2019 and includes 12 income restricted units. The property includes two one-bedroom units, seven two-bedroom units and three three-bedroom units. The property is conveniently located on South Orange Avenue near Routes 24 and 124 and J.F.K. Parkway.
Matt Weilheimer joined Kislak in 1996 and is consistently among the firm’s leading salespeople. He specializes in the sale of apartment buildings, REO assets and other investment properties in New Jersey and its surrounding states. Mr. Weilheimer has won numerous sales awards at Kislak including the firm’s 2010 and 2015 Producer of the Year awards. His recent transactions included more than a dozen multifamily and other investment sales in New Jersey, New York, and Pennsylvania for more than $50 million, and he is a licensed real estate salesperson in those three states.
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.