The Kislak Co. said Oct. 6 that it recently completed a two-property 1031 exchange in New Jersey and Florida for a total of $22.575 million.
In the first transaction, Woodbridge-based Kislak arranged the off-market sale of a multifamily property in central New Jersey for $11 million, with Senior Vice President Justin Lupo and Chief Operating Officer Jason Pucci handling the assignment on behalf of both parties, longtime clients.
Lupo and Pucci subsequently represented the seller of the New Jersey multifamily property in its $11.575 million acquisition of a Wawa food market and gas station, which is under construction at 7878 N.W. 103rd St. in Hialeah Gardens, Miami-Dade County, Fla.
Terms of the New Jersey sale were not disclosed.
The Florida property includes a triple net ground lease with Wawa with an initial 20-year term, multiple renewal options and future rent increases. The property is just west of the Palmetto Expressway/State Road 826 near Miami.
“These sales were excellent opportunities for our clients,” said Pucci. “The seller of the New Jersey property exchanged a long-held older apartment complex into a well-located Wawa, which is a strong tenant, with zero landlord responsibilities. The purchaser of the New Jersey property added a value-add property to its growing portfolio of properties in the Northeast and Mid-Atlantic.”
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.
The Kislak Co. said Sept. 24 it recently sold a 10-unit newly-constructed luxury rental townhome community in Summit for $6.25 million, the highest price per unit ever achieved for a multifamily property in Union County, according to data available from CoStar.
Known as the Broad Street Portfolio, Kislak marketed the property on an exclusive basis with Senior Vice President Joseph Keenan handling the assignment and Executive Vice President Joni Sweetwood procuring the purchaser.
“The strength of New Jersey’s transit-oriented suburban market could not be more apparent than 10 townhome style rentals trading for $625,000 per unit,” Keenan commented. “This record price is underscored by the intense interest garnered from investors. A 10-unit property is generally smaller than the purchaser’s target. However, the location and the product were of such high quality that he could not pass on the opportunity.”
“This was a unique opportunity in a transit area,” Sweetwood added. “The units are similar to individual home rentals especially given the sizes, separate entrances and garages, but without any maintenance requirements for tenants.”
Constructed in 2019, the townhomes each offer two bedrooms and two- and one-half bathrooms. Designed with an open floor plan, full finished basements, private garage parking and outdoor spaces, each unit features hardwood floors, a laundry room, an eat-in-kitchen with tiled backsplashes, quartz counter tops and stainless-steel appliances. All utilities are metered to the tenant and there are no common area utilities.
The property is located less than 1 mile from the Summit train station and Overlook Medical Center, as well as shopping, dining and retail offerings along Springfield Avenue,- Summit’s main commercial thoroughfare.
The Kislak Co. Inc. on Aug. 4 announced the recent sale of three multifamily properties that total $9,025,000.
The properties include East Park Apartments at 1045-1047 E. Park Ave. in Cumberland County’s Vineland, with 41 units; the Farrell Place Manufactured Home Community at 1205 Farrell Ave. in Cherry Hill in Camden County, with 30 mobile home park lots; and 17 Lenox Ave. in Essex County’s East Orange, with 17 units.
Kislak marketed the properties on an exclusive basis with Executive Vice President Joni Sweetwood handling the assignments, and procuring the purchasers–all private investors.
East Park Apartments is a three-story brick complex with 41 large units and a house. It sold for $3,950,000 to a repeat client who recently purchased 152 nearby apartments from Kislak and Sweetwood and will benefit from significant upside in the rents. Financing was provided by Kearny Bank.
The Farrell Place Manufactured Home Community in Cherry Hill sold for $2,475,000. The property is bordered on two sides by Cooper River Park and includes a stable tenancy with some long-term tenants in residence for more than 40 years. Tenants pay for all of the maintenance of their lots, thereby requiring no management or maintenance by the owner.
“Mobile home parks can have superior returns to apartments without certain management headaches as there are no buildings to maintain,” Sweetwood commented. “The purchaser acquired an attractive investment in an upscale area near the Cherry Hill Marketplace and all major highways.” Financing was provided by Investors Bank.
The East Orange property sold for $2,600,000 and was described by Sweetwood as “a value-add deal due to below market rents.” The five-story brick building boasts many recent renovations, including a rebuild of an entire staircase and full upgrade to the common area–inclusive of marble and plank flooring, new walls and ceilings, windows and lighting. Throughout the property and units numerous windows and doors were replaced. Financing was provided by New York Community Bank.
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