331 Elmora Ave. in Elizabeth — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has purchased a 324-unit apartment portfolio in Elizabeth as part of a newly completed, $50 million transaction, brokers with The Kislak Co. Inc. announced.
Located in the city’s Elmora section, the properties include:
- 327-333 Elmora Ave. (47 units)
- 750-758 Jersey Ave. (45 units)
- 708-722 Westfield Ave. (41 units)
- 824-836 Jersey Ave. (40 units)
- 346-352 Elmora Ave. (30 units)
- 1254-1258 Waverly Place (29 units)
- 137-141 West Jersey St. (28 units)
- 845-851 Jersey Ave. (23 units)
- 437-443 Elmora Ave. (23 units)
- 24-30 Stiles St. (18 units)
Kislak Executive Vice President Joni Sweetwood represented the seller, noting that the portfolio also includes two cell towers. She also procured the buyer.
“This was an extraordinarily rare opportunity to acquire several hundred units in well-maintained buildings with upside in one of the best areas in Elizabeth, which is consistently one of the strongest rental markets in northern New Jersey,” Sweetwood said. “The demand among interested investors was strong and resulted in a bidding war for the portfolio.”
In announcing the deal, Kislak described it as the highest-priced multifamily sale in Union County since 2020 and the highest ever in Elizabeth, citing data available from CoStar. The unit mix includes studios, one-bedroom, two-bedroom and three-bedroom floorplans.