The Preserve, located at 475 Passaic St. in West Caldwell — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A newly built, 30-unit apartment building in West Caldwell is under new ownership, following a $14.25 million sale arranged by The Kislak Co. Inc.
The firm said it marketed the property known as The Preserve, located at 475 Passaic St., on behalf of an undisclosed private equity firm. A private investor paid all cash for the active-adult multifamily complex, which was built in 2016.
Kislak Senior Vice President Joni Sweetwood handled the assignment for the Woodbridge-based firm, touting a sale price of $475,000 per unit. The firm said that represents the highest per unit price achieved for a multifamily property in West Caldwell, citing CoStar data.
“This sale exhibits the strength of the luxury market for active adults,” Sweetwood said.
The Preserve consists of all two-bedroom units in a three-story elevator building designed in colonial architectural style, according to a news release. The units include eight models with an average size of 1,328 square feet.
Of the luxury building’s 30 units, 24 are restricted to those age 55 and over. Amenities include a fitness facility, clubhouse and business co-working lounge, along with an outdoor patio, a covered parking garage and electric car-charging capability.
“Suburban Essex County is among the strongest rental markets in New Jersey and the active adult market is growing as more and more empty nesters seek easy, maintenance-free living,” said Robert Holland, Kislak’s president. “We are helping more and more investors identify and purchase this asset class.”