Kislak: Union County portfolio sells for $15M

Representing a cumulative five properties and 120 units, a multifamily portfolio in Union County sold for $15 million.

The Kislak Co. Inc. of Woodbridge announced the sale Dec. 14. Included in the package are:

• a 33-unit property at 435 W. End Ave. in Elizabeth
• a 28-unit property at 1247 Clinton Place in Elizabeth
• a 32-unit property at 233-241 W. Grand St. in Elizabeth
• a 17-unit property at 129 W. Grand St. in Elizabeth
• a 10-unit property at 1500 Liberty Ave. in Hillside

Senior Vice President Jeff Squires both marketed the portfolio and procured the buyer. Neither party was disclosed. Funding for the sale was provided by Walker & Dunlap.

“We were hired on an exclusive basis by a family of multigenerational owners who owned and managed these buildings for over 30 years,” Squires explained in a statement. “The current rents are about 30% under today’s fair market value, which provides an exceptional opportunity for the new owners.”

The portfolio consists of six brick garden apartment buildings. Located in the Elmora section – and minutes from the Elizabeth train stations with direct access to New York City – Kislak said the well-maintained properties offer common areas and landscaping in addition to landlord-subsidized heat, water and sewer; air conditioning, laundry facilities, and on-site parking.

The buildings were fully occupied at the time of sale, according to Kislak.

Over the past five months, Squires has completed five multifamily sales in the Elizabeth market covering nearly 550 units. “Some long-term owners are capitalizing on today’s pricing which is considerably higher than their original acquisition costs,” he observed.