Magnolia Lane Luxury Apartments at 60 Passaic Ave. in Fairfield — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A newly built, 34-unit apartment complex in Fairfield has changed hands for nearly $14 million, following a transaction arranged by The Kislak Co. Inc.
The brokerage firm on Tuesday announced the sale of Magnolia Lane Luxury Apartments, located at 60 Passaic Ave., after marketing the complex on behalf of a repeat client. An investor acquired the property for $13.8 million as part of a 1031 exchange.
“Essex County is among the strongest rental markets in New Jersey,” said Joni Sweetwood, an executive vice president with Kislak, who brokered the transaction. “Given the area’s growing rental population and increasing demand for luxury housing, Magnolia Lane presented an exceptional opportunity for an investor to own one of the premier luxury rental properties in suburban Essex County near public transit and with easy access to Routes 80, 46 and 280 and only 20 miles from midtown Manhattan.
“The property appeals particularly to young couples and ‘empty-nesters’ who feel the units are like individual homes but without the headaches.”
Built in 2018, Magnolia Lane includes 34 luxury units in four buildings with brick and clapboard-style architecture, Kislak said. The property features high-end interiors and private garages, while offering a location in an affluent section of Essex County.
The sale follows Sweetwood’s sale of a nearby property, The Preserve in West Caldwell, on behalf of the same client. Located at 475 Passaic St., the 30-unit complex sold early last year for $14.25 million.