Townley Garden Apartments (left) at 1407 Morris Ave. in Union and Knights Manor at 111 Locust St. in Roselle Park — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A long-term family ownership group has sold a 75-unit garden apartment portfolio in Union County for $12 million, in a newly announced deal by The Kislak Co. Inc.
In a news release, the brokerage team said the transaction includes the 48-unit Townley Garden Apartments at 1407 Morris Ave. in Union. The second property, Knights Manor, is a 27-unit complex at 111 Locust St. in Roselle Park.
Kislak Managing Director Jeff Squires arranged the deals on the seller’s behalf and procured the buyer, Locust Party Management LLC. Jared Sobel of Walker & Dunlop arranged Freddie Mac financing for both properties.
“Legacy apartment complexes with long-term family ownership are among the most desirable assets for many of our investor clients,” Squires said. “After 50 years of ownership, the seller engaged Kislak to liquidate all of their New Jersey multifamily properties within a 90-day window. Townley Gardens and Knights Manor are spectacular assets with tremendous potential.”
Townley Garden Apartments is a two-story, brick complex built in 1943 and occupying two acres just minutes from Kean University, according to a news release. The property consists of 32 one-bedroom units and 16 two-bedroom units with semiprivate entrances and detached parking garages, while residents are near downtown Union, less than a 10-minute drive from Newark Liberty International Airport and close to other major highways and transit hubs.
Built in 1950, Knights Manor is a three-story, brick complex with five studios, 16 one-bedroom units and six two-bedroom apartments with on-site private parking, Kislak said. The property is in the city center of Roselle Park, which the firm said is popular as a home base for New York area commuters and employees at the Merck & Co. offices just north of town.
