President Robert Holland, Managing Director Jeff Squires & E.V.P. Joni Sweetwood Arrange Exclusive Sale of 57-Unit Property
Woodbridge, N.J., March 18, 2025 — The Kislak Company, Inc. announced the recent sale of The Parc at Summit, a 57-unit garden apartment complex at 26 Locust Drive in Summit, Union County, New Jersey, for $22,150,000.
Kislak marketed the property on an exclusive basis with president Robert Holland and managing director Jeff Squires handling the assignment on behalf of the seller. Executive vice president Joni Sweetwood procured the purchaser. The parties were not disclosed.
Mr. Holland and Kislak also arranged the prior sale of the property to the seller.
The sale is the largest multifamily sale in terms of price and price per unit in Union County, New Jersey since 2022 and the largest multifamily sale in Summit in at least 10 years according to data available from CoStar.
Mr. Holland commented, “This is a trophy property that I am proud to have helped sell twice now. The transaction was an incredible team effort with Jeff, Joni, the seller, purchaser and their teams working well together to ensure a successful closing.”
Mr. Squires commented, “It is historically unprecedented for a property of this vintage to sell for nearly $400,000 per unit. The Parc at Summit is a best-in-class property in one of New Jersey’s most sought-after locations.”
Ms. Sweetwood commented, “Properties of this size in the ‘best’ NYC train towns rarely come on the market and many investors competed for the opportunity to acquire it”.
Built in 1950, The Parc at Summit is a two-story brick, garden apartment complex with 57 units in five buildings on 3.34 professionally landscaped acres. The property includes one- and two-bedroom units and three-bedroom townhouses and includes $1,500,000 in recent capital improvements and unit upgrades.
Located in the heart of Summit, New Jersey, the property sits less than one-half mile from Summit’s vibrant and walkable downtown, which is listed on the National Register of Historic Places. The city’s downtown is one of the most desirable in the tri-state area with a mix of local businesses, award winning restaurants, shops, and boutiques. The former Grand Summit Hotel, which is located next to the property, recently underwent a multimillion-dollar renovation and re-opened as the Albion Summit.
The property is a short walk to the Summit Train Station, a hub for the Morristown and Gladstone lines that provide direct passenger service to and from New York’s Penn Station and the Hoboken Terminal. The property is less than one mile from Overlook Medical Center, three miles from the Mall at Short Hills and 13 miles from Newark Liberty International Airport. It is minutes from highways and transportation including Routes 24 and I-78 connecting residents to I-287, I-80, the Garden State Parkway, and the New Jersey Turnpike.
The Summit Public School District is consistently top-rated including A+ from niche.com. Summit Senior High School is ranked 29 in all of New Jersey and 549 of 18,000+ U.S. high schools by U.S. News and World Report. Summit was also recently ranked the wealthiest suburb in New Jersey by finance website GOBankingRates.com with $291,509 average household income and $1,250,000 typical home value.
Robert Holland joined Kislak in 1984, is one of the firm’s all-time leading sales producers and became President in 2012. In addition to overseeing the company and managing a team of salespeople, he specializes in the sale of multifamily and other investment properties with a primary focus in central and eastern Pennsylvania.
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. In 2024, he was promoted to a managing director.
Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople consistently ranking as a top producer each year. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award, the company’s Producer of the Year award five times and the company’s Sales Transactions award for the most closed sales transactions in the last three years. Ms. Sweetwood 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 more than $1.4 billion
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 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware, and Florida.
Now in its 119th year, Kislak was among a select group of firms recognized as a 2024 Power Broker by CoStar Group, Inc. and this was the firm’s 19th consecutive recognition. Kislak was also named by NJBIZ as a 2024 Leader in Real Estate, Construction and Design and this was the firm’s third recent recognition.
