A garden apartment complex recently sold for $22.15 million in desirable Summit.

The Kislak Co. Inc. announced the sale of The Parc at Summit at 26 Locust Drive March 18.

Referencing CoStar data, the company said the deal is the largest multifamily transaction in Summit in at least a decade. And in terms of price and price per unit, Kislak said the sale represents the largest in Union County since 2022.

President Robert Holland and Managing Director Jeff Squires marketed the 57-unit property on an exclusive basis on behalf of the seller. Meanwhile, Executive Vice President Joni Sweetwood procured the buyer. Neither parties were disclosed; however, Kislak said Holland also arranged the property’s prior sale to the latest seller.

“It is historically unprecedented for a property of this vintage to sell for nearly $400,000 per unit,” Squires commented. “The Parc at Summit is a best-in-class property in one of New Jersey’s most sought-after locations.”

Summit boasts an A+ rating from Niche – and holds distinction as the second-best place to live in Union County, according to the reviews and ratings website.

Built in 1950, The Parc at Summit features five two-story buildings set on a professionally landscaped 3.34-acre parcel. The community offers one- and two-bedroom units, as well as three-bedroom townhouses. According to Kislak, The Parc at Summit recently underwent $1.5 million in capital improvements.

A ‘trophy’ site

Sweetwood noted the rarity of a property this size coming to market “in the ‘best’ NYC train towns,” adding “many investors competed for the opportunity to acquire it.”

In addition to proximity to Summit’s walkable downtown, The Parc at Summit is also a short stroll to the Summit Train Station and near regional draws, such as Overlook Medical Center, the Mall at Short Hills, and the recently renovated Albion Summit (the former Grand Summit Hotel).

“This is a trophy property that I am proud to have helped sell twice now,” Holland commented. “The transaction was an incredible team effort with Jeff, Joni, the seller, purchaser and their teams working well together to ensure a successful closing.”

The record Summit deal is just the latest announced by Kislak. Here’s a look at some of the Woodbridge-based commercial brokerage’s other recent activity:

• $12 million sale: 75-unit multifamily portfolio comprising Townley Gardens Apartments (48 units in Union) and Knights Manor (27 units in Roselle Park)
  • Squires handled the assignment and procured the buyer, Locust Party Management LLC
  • Walker & Dunlop Senior Managing Director Jared Sobel arranged Freddie Mac financing for both properties
• $4.25 million sale: 16-unit, newly constructed apartment building Redwood Apartments in Paterson
  • Sweetwood handled the assignment on behalf of seller Redwood Apts. LLC
  • Squires procured the purchaser, Redwood AMG LLC
• $6.2 million sale: 24-unit Belleview Commons Apartments and 33-unit Parkside Commons in Trenton
  • Executive Vice President Barry Waisbrod handled the assignment on behalf of the sellers, Belleview Commons LLC and Parkside Commons LLC, affiliates of a longtime client
  • Kislak partnered with Ten-X on an online, managed bid auction to procure separate winning bidders. The names of the two locally based private investors were not disclosed