By Joshua Burd
Reynolds Asset Management has sold a newly completed, 63-unit apartment building in Bound Brook for $22 million, in a deal arranged by The Kislak Co. Inc.
The developer, which opened the property earlier this year, said a longtime New Jersey owner purchased what’s known as Mosaic on Main as part of a Section 1031 like-kind exchange. The deal at 7-15 West Main St. comes as redevelopment activity continues in downtown Bound Brook, which parallels NJ Transit’s Raritan Valley Line.
Joni Sweetwood, an executive vice president, and Robert Squires, a senior vice president with The Kislak Co. Inc., arranged the sale.