The Kislak Co. Inc. closed out the first week of the new year announcing two multifamily property sales in Union and Morris counties.

In Roselle, Executive Vice President Joni Sweetwood exclusively marketed 533 E. Second St. on behalf of the seller, Sheridan Estate Urban Renewal LLC, an affiliate of a longtime client. According to a Jan. 5 announcement from the Woodbridge firm, the multifamily property fetched $6.9 million, including assumable financing and a long-term PILOT program.

Sweetwood also secured the buyer for the 35-unit site, Harrison Grove Holdings LLC, after handling the previous sale of the property to the seller in 2018.

“The seller and buyer and their teams were pros and a pleasure to deal with, which made the transaction move as quickly as possible especially given the loan assumption and PILOT,” said Sweetwood, whose career investment sales add up to more than $1.3 billion. “The property condition also made the sale go quickly as it passed the city inspection the first time without any violations.”

Built in 1928, Sheridan Gardens is a four-and-a-half story brick elevator apartment building. Situated on 0.23 acres, it features on-site, gated parking as well as recent improvements including renovated units, new landscaping and LED lighting.

Morris County

On Jan. 2, Kislak announced the $6.8 million sale of Ridgedale Commons in Morristown, a 29-unit luxury multifamily development located at 68-74 Ridgedale Ave.

Senior Vice President Joseph Keenan marketed the property exclusively on behalf of the seller and procured the buyer; neither parties were disclosed.

Currently under development, the four-story, more than 37,000-square-foot project is situated on 0.72 acres. Upon completion, Kislak said it will offer townhome-style rentals with a mix of one- and two-bedroom units.

“The successful sale of Ridgedale Commons not only showcases the high demand for premium multifamily properties but also highlights Morristown’s status as one of New Jersey’s most in-demand markets,” Keenan said. “This listing drew keen interest from a wide range of investors, both regional and local, as my team and I generated over 15 tours and as many offers.”

Situated in Morris’s walkable county seat, the property is a half mile from the mixed-use M Station development, the Morristown train station and Washington’s Headquarters – a part of Morristown National Historical Park – and a mile from Morristown Green.

Mercer County

Closing out 2023, Kislak announced in December that Executive Vice President Barry Waisbrod handled the sale of a 30-unit multifamily property in Trenton for $3.05 million.

Waisbrod exclusively marketed 2030 Riverside Drive on behalf of the seller, longtime client River Bank Rentals LLC. The sale marks the fourth (along with deals in 1987, 1998 and 2003) the firm has handled for the Riverbank Commons property.

For this transaction, Kislak partnered with Ten-X to facilitate an online managed bid auction. The winning bidder was NJ Mercer Investments Realty LLC.

“The seller is a longtime landlord with a large presence in Trenton and has been exchanging some of his smaller properties into larger suburban properties in southern New Jersey and eastern Pennsylvania,” Waisbrod explained. “The purchaser invests in real estate throughout Mercer County. This was an opportunity for him to acquire a clean property with upside in a nice section of Trenton not far from his other properties.”

An all-brick building, Riverbank Commons measures three stories on a quiet residential street along the Delaware River, according to Kislak. The unit mix includes three efficiencies, 12 one-bedroom units and 15 two-bedroom units. The property has two parking lots with four driveways and boasts “many recent capital improvements,” the firm said.

In a statement, Kislak CEO Jason Pucci highlighted its work with commercial real estate auction site Ten-X in the state capital.

“This auction sale was our third in Trenton in partnership with Ten-X,” Pucci said. “In each instance, Evan Koransky and his team at Ten-X did an excellent job from start to finish and all parties were pleased with the results.”

Those prior sales included: Tyler Apartments, a 26-unit multifamily property at 272 Tyler St. that sold for $2.55 million in July 2023, and a mixed-use property at 334 S. Broad St. that sold for $575,000 in September 2022.