Jeffrey Squires, senior vice president, The Kislak Company, and Riverside Garden Apartments, Cranford, NJ
CRANFORD AND ELIZABETH, NJ—In two separate transactions, The Kislak Company brokered two multifamily properties with a total of 126 residential units in Union County, New Jersey for $15.35 million. The separate transactions include the $8.85 million sale of Riverside Garden Apartments, a 46-unit complex in Cranford, and the $6.5 million sale of a two-building portfolio with 80 units in Elizabeth.
Kislak marketed the properties on an exclusive basis and senior vice president Jeff Squires represented all parties in the transactions. The names of buyers and sellers were not disclosed.
“The market for well-located and high performing multifamily properties remains very strong throughout New Jersey,” says Robert Holland, Kislak president. “As always, Jeff did an outstanding job bringing these properties to market. He generated a great deal of serious interest among many well-qualified investors and ultimately procured the best buyers who were eager to purchase these properties.”
Riverside Garden Apartments is in the heart of Cranford within walking distance of the local train station that provides direct service to and from New York City. The three-story brick garden apartment complex consists of 46 one- and two-bedroom units with detached garages. Each apartment features fully-equipped kitchens and hardwood flooring throughout.
“Riverside Garden is a premium-priced property which had been family-owned for two generations,” says Squires. “Investors have been jumping at the opportunity to own multifamily properties near mass transit-oriented communities like the recently redeveloped downtown Cranford”.
The Elizabeth portfolio consists of a 46-unit building on North Broad Street and a 34-unit building with on-site parking on East Jersey Street. The seller is a long-time Kislak client who purchased several other multifamily properties through Squires over the years.
“The seller took advantage of today’s strong market and increasing prices, which are being driven by unprecedented rent growth and lower interest rates,” says Squires. “The purchaser already started a capital improvement program and will continue renovations to maximize the growth potential of both buildings.”