Maple Bay Estates in Elizabeth — Courtesy: The Kislak Co. Inc.
By Joshua Burd
Five multifamily buildings in Elizabeth have changed hands after a series of investment sales brokered by The Kislak Co. Inc.
The brokerage announced Friday that it represented the sellers and buyers in the transactions, which totaled about $12.26 million in value. The deals include the sale a 24-unit building known as Maple Bay Estates, a three-building, 44-unit portfolio and a 20-unit mixed-use property.
Kislak Vice President Jeff Squires brokered the deals.
Maple Bay Estates, a newly constructed building on Maple Avenue, sold for $5.925 million, Kislak said in a news release. The luxury property has garage parking under the building and elevator access to 1,500-square-foot two- and three-bedroom units, sitting minutes from the New Jersey Turnpike and Routes 1 and 9.
“Maple Bay Estates is the most luxurious rental property I have ever seen built in Elizabeth,” Squires said in a prepared statement. “The record-shattering price of almost $250,000 per unit illustrates the strong investor demand for quality properties in such close proximity to New York City. Our purchaser swiftly moved to closing on an all-cash basis.”
The three-building portfolio sale, which garnered $4.6 million, includes 1970s-era garden apartment buildings with on-site parking located on North Avenue, South Broad Street and Williamson Street, Kislak said. Property sizes were 15, 18 and 11 residential units, respectively, with studios, one-bedroom units and two-bedroom units.
“Jeff Squires has sold more than 10 properties with hundreds of units for the family that sold the portfolio over the past few years,” Kislak Co. President Robert Holland said. “These transactions often included record-breaking prices, both in terms of the overall price and the price per unit, earning our client’s confidence in Jeff and the Kislak team.”
The Rahway Avenue property sold for nearly $1.756 million and is centrally located in a residential neighborhood near Carteret Park, one block from Elmora Avenue, the news release said. The retail portion had stable historic occupancy and was fully leased at the time of closing.
“The portfolio properties were located in the most desirable residential neighborhoods in Elizabeth, including the coveted Elmora section,” Squires said. “The buildings are among the most attractive garden apartment properties in the city and the $104,000 per unit price is unprecedented for this vintage in Elizabeth.”