The Kislak Co. Inc. on Sept. 30 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, for $20.5 million.
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. 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.
Squires previously sold Rachel Gardens, a 764-unit property in Montville, 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 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 5 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. It 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, it sits 1 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.