S.V.P. Joseph Keenan and V.P. Justin Lupo Arrange Exclusive Sale of 64 Units
Woodbridge, N.J., July 21, 2020 – The Kislak Company, Inc. announced the recent sale of two multifamily properties in Newton, Sussex County, New Jersey for $7,300,000. The properties include Stonewood at Newton, a 32-unit complex located at 31 Paterson Avenue, and Swartswood Gardens, another 32-unit complex located at 4-20 Swartswood Road.
Kislak marketed the properties on an exclusive basis on behalf of the seller, a longtime client, with senior vice president Joseph Keenan and vice president Justin Lupo handling the assignment. Messrs. Keenan and Lupo also procured the purchaser, a private investor.
“To say this deal had challenges would be an understatement.” Said Mr. Keenan. “We were weeks away from closing when COVID-19 hit. New Jersey locked down and the prior lender temporarily ceased financing. The transaction became a total team effort to extend the timeline, find a new source of financing and guide it to closing all while maintaining pre-pandemic pricing. I am grateful for my team at Kislak and our ability to work together to overcome any challenge that’s thrown at us.”
“During these unprecedented times, we continue to experience a ‘new normal’ personally and professionally,” said Mr. Lupo. “The new normal in real estate transactions can be challenging especially with recent more stringent changes in lending requirements. The Newton sales were no exception as we needed to overcome many obstacles prior to closing. Fortunately, the real estate professionals at Kislak, among others involved, were able to resolve all issues and bring the transactions to a close.”
Stonewood at Newton is a garden apartment complex that includes two well-maintained brick buildings each with 16 units in a professionally landscaped park-like setting. The buildings include four studios, 16 one bedroom units and 12 two-bedroom units.
Swartswood Gardens is also a garden apartment complex that includes two well-maintained brick buildings with 32 units in a professionally landscaped park-like setting. The buildings include 24 one bedroom units and eight two bedroom units.
Both properties include many recent improvements and offer abundant on-site parking. They are conveniently located one mile from downtown Newton, which is the Sussex County seat situated 60 miles northwest of New York City, close to Route 206 with many major retailers including ShopRite, Walgreens, Home Depot and Lowes. Sussex County Community College is also nearby.
At the time of closing, the properties were fully occupied. The seller’s attorney was Edward Bortz and the purchaser’s attorney was Jacques Moye. The purchaser’s financing was arranged by Eric Seidel and provided by ReadyCap.
Joseph 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.
Justin. Lupo joined Kislak in 2014, was the recipient of the firm’s 2015 Rookie of the Year award and 2018 Sima Kislak Jelin Salesperson of the Year award and has become one of the firm’s leading salespeople with investment sales totaling $300 million. He specializes in the sale of multifamily and other investment properties in central New Jersey and eastern Pennsylvania.
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 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 114th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition.