The Kislak Co. Inc. announced a total of $17 million in recent sales in Union County.
The following multi-family properties were marketed on an exclusive basis with Senior Vice President Jeff Squires handling the assignments as well as procuring the buyers: 46 units at Riverside Gardens in Cranford sold for $11.3 million, and in Roselle 43 units on West Third Avenue and 17 units on Walnut Street sold for $5.7 million.
“Riverside Gardens was an unusual opportunity for an investor to acquire one of the largest and most exclusive apartment communities in the municipality,” said Squires. According to CoStar records, $11.3 million was the second highest price ever paid for a multifamily property in Cranford.
Situated along the Rahway River, Riverside Gardens consists of four three-story brick buildings overlooking a grassy courtyard with nine standard one-bedroom apartments, 29 large one-bedroom apartments, and eight two-bedroom apartments along with 14 detached garages, several parking spaces, and onsite laundry in each building.
The property on West Third Avenue in Roselle includes two brick buildings containing 14 studios and 29 one-bedroom apartments, all with rents at least 30 percent below-market.
The property on Walnut Street in Roselle contains two studios, 12 one-bedroom apartments, two two-bedroom apartments and one three-bedroom apartment. It is also in a prime location just one block from Roselle’s downtown.