S.V.P. Joseph Keenan & E.V.P. Joni Sweetwood Arrange Exclusive Sale of New Rental Property for Record Price
Woodbridge, N.J., September 24, 2021 – The Kislak Company, Inc. announced the recent sale of a 10-unit newly-constructed luxury rental townhome community in Summit, Union County, New Jersey, for $6,250,000. Known as the Broad Street Portfolio, the townhomes are located at 150, 152, 154, 156 and 158 Broad Street.
Kislak marketed the property on an exclusive basis with senior vice president Joseph Keenan handling the assignment. Executive vice president Joni Sweetwood procured the purchaser.
The $625,000 per unit price is the highest price per unit ever achieved for a multifamily property in Union County, New Jersey according to data available from CoStar.
Mr. Keenan commented, “The strength of New Jersey’s transit oriented suburban market could not be more apparent than 10 townhome style rentals trading for $625,000 per unit. This record price is underscored by the intense interest garnered from investors. A 10-unit property is generally smaller than the purchaser’s target. However, the location and the product were of such high quality that he could not pass on the opportunity. I am grateful to the sellers for awarding us the exclusive opportunity and I look forward to more transactions with the purchaser.
Ms. Sweetwood added, ”This was a unique opportunity in a transit area. The units are similar to individual home rentals especially given the sizes, separate entrances and garages but without any maintenance requirements for tenants.”
Constructed in 2019, the property includes 10 modern and well-appointed townhomes each with two bedrooms and two- and one-half bathrooms. Thoughtfully designed with an open floor plan, full finished basements, private garage parking and outdoor spaces, each unit features hardwood floors, a laundry room, an eat-in-kitchen with tiled backsplashes, quartz counter tops and stainless-steel appliances. All utilities are metered to the tenant and there are no common area utilities.
The property is located less than one mile from the Summit train station, Overlook Medical Center and abundant shopping, dining, and retail offerings along Springfield Avenue, which is Summit’s main commercial thoroughfare.
Summit is a city in northwestern Union County located approximately 20 miles west of Manhattan. It is among the most desirable communities in the New York metropolitan area given its top-rated school system, easy commute to New York City, and vibrant downtown.
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.
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.