A 10-building multifamily portfolio comprised of 324 units and two cell towers sold in Union County for $50 million, The Kislak Co. Inc. announced May 9.
According to the firm, which cited data from CoStar, the sale is the highest priced multifamily transaction ever for Elizabeth, and the highest priced in Union County since 2020. As of the most recent U.S. Census, the city, the county seat, is the fourth-most populous municipality in the state.
Kislak marketed the properties on an exclusive basis on behalf of the seller with Executive Vice President Joni Sweetwood managing the assignment and procuring the buyer. Neither party was disclosed; however, Kislak said that Sweetwood had previously sold several of the package’s properties to the seller.
All of the buildings are in close proximity to each other, in and around the Elmora section of the city:
- 327-333 Elmora Ave. with 47 units,
- 750-758 Jersey Ave. with 45 units,
- 708-722 Westfield Ave. with 41 units,
- 824-836 Jersey Ave. with 40 units,
- 346-352 Elmora Ave. with 30 units,
- 1254-1258 Waverly Place with 29 units,
- 137-141 W. Jersey St. with 28 units,
- 845-851 Jersey Ave. with 23 units,
- 437-443 Elmora Ave. with 23 units, and
- 24-30 Stiles St. with 18 units.
Across the package, there are 26 studios, 234 one-bedroom, 60 two-bedroom and six three-bedroom units.
“This was an extraordinarily rare opportunity to acquire several hundred units in well-maintained buildings with upside in one of the best areas in Elizabeth, which is consistently one of the strongest rental markets in northern New Jersey,” Sweetwood said in a statement. “The demand among interested investors was strong and resulted in a bidding war for the portfolio.”
In March, Kislak announced the sale of Elizabeth Towers, also located in the city’s Elmora section, for $14.3 million.