S.V.P. Jeff Squires Executes Swift Exclusive Sale of Legacy Property in East Falls
Woodbridge, N.J., September 30, 2021 — The Kislak Company, Inc. announced the recent sale of Sunnyfield Gardens Apartments, a 120-unit multifamily property located at 315-441 Academy Terrace in the East Falls section of Linden in Union County, New Jersey, for $20,500,000.
Kislak marketed the property on an exclusive basis with senior vice president Jeff Squires handling the assignment on behalf of the seller, S.G.A., LLC, and he also procured the purchaser, an affiliate of Cammeby’s International. Sunnyfield Gardens Apartments is a legacy property that was purchased from the original developer in 1950 and owned by the same family for three generations spanning 70 years. Mr. Squires previously sold Rachel Gardens, a 764-unit property in Montville, New Jersey, to the same purchaser.
“Sunnyfield Gardens is the exact type of family-owned legacy property that is most sought after by our investor clients,” said Mr. Squires. “There has been an influx of former New York City renters to the area, and the purchaser will benefit from the property’s massive value-add potential. There was tremendous demand during our brief and exclusive marketing period and the property ultimately sold at a sub-4% cap rate to the purchaser who closed in 30 days from contract signing.”
The property, spanning five acres in the East Falls neighborhood, is a two-story brick apartment complex built in 1947, and well-maintained with on-site parking for 100 cars. The property includes 82 one-bedroom/one bath apartments and 38 two-bedroom/one bath apartments all with separate entrances, spacious layouts, and dining areas.
Minutes from Wilson Park and Linden High School, the property is just one mile from the Linden Train Station, two blocks from restaurants, big box retail stores and other shopping.
The seller’s attorney was Michael Jones of Cole Schotz PC and the purchaser’s attorney was Steven Fleissig of Greenberg Traurig, LLP.
Jeff Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. Consistently among Kislak’s leading salespeople, he received the firm’s 2008 Rookie of the Year award, 2012 Sima Kislak Jelin Salesperson of the Year award and 2014 and 2016 Producer of the Year award.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 115th year, Kislak was among a select group of firms recognized as a 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition.