The Parc at Summit at 26 Locust Drive in Summit — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has sold a 57-unit garden apartment complex in Summit for more than $21 million, in a newly announced deal by The Kislak Co. Inc.
The property, The Parc at Summit, is a collection of five buildings at 26 Locust Drive that is less than a half-mile from the city’s popular central business district. That helped draw interest from multiple prospective buyers, as did its proximity to NJ Transit’s Summit station and some $1.5 million in recent upgrades by the former owner.
Kislak President Robert Holland and Managing Director Jeff Squires represented the seller in the $21.15 million deal, while Executive Vice President Joni Sweetwood procured the undisclosed buyer.
“This is a trophy property that I am proud to have helped sell twice now,” said Holland, who helped arranged the prior sale to the now-former owner. “The transaction was an incredible team effort with Jeff, Joni, the seller, purchaser and their teams working well together to ensure a successful closing.”
In a news release, Kislak said the trade is the largest multifamily sale in terms of price and price per unit in Union County since 2022, citing data available from CoStar. It’s also the largest multifamily sale in Summit in at least 10 years.
“It is historically unprecedented for a property of this vintage to sell for nearly $400,000 per unit,” Squires said. “The Parc at Summit is a best-in-class property in one of New Jersey’s most sought-after locations.”
Built in 1950, The Parc at Summit is made up of five two-story buildings on 3.34 acres, the news release said. The property includes one- and two-bedroom units and three-bedroom townhouses, whose residents are minutes from local businesses, acclaimed restaurants, shops and boutiques.
They’re also one mile from Overlook Medical Center, three miles from the Mall at Short Hills and 13 miles from Newark Liberty International Airport, Kislak said. Nearby highways include Routes 24 and Interstate 78, which connect residents to interstates 287 and 80, the Garden State Parkway and the New Jersey Turnpike.
“Properties of this size in the ‘best’ NYC train towns rarely come on the market and many investors competed for the opportunity to acquire it,” Sweetwood said.
