Clockwise, from top left: 435 West End Ave., 1247 Clinton Place, 233 West Grand St., 241 West Grand St. and 129 West Grand St., all in Elizabeth, and 1500 Liberty Ave. in Hillside — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A family ownership group has sold a 120-unit apartment portfolio in Union County for $15 million, in a newly announced deal by The Kislak Co. Inc.
Jeff Squires, a senior vice president with the brokerage firm, represented the private seller in a transaction that includes four garden-style locations in Elizabeth, the largest of which is a 33-unit property at 435 West End Ave. The portfolio also includes 28 units at 1247 Clinton Place, 32 units at 233-241 West Grand St. and 17 units at 129 West Grand St., along with a 10-unit property at 1500 Liberty Ave. in Hillside.
Squires also procured the buyer.
“We were hired on an exclusive basis by a family of multigenerational owners who owned and managed these buildings for over 30 years,” Squires said. “The current rents are about 30 percent under today’s fair market value, which provides an exceptional opportunity for the new owners.”
He added that, all told, the Elizabeth portfolio consists of six brick properties in the city’s Elmora section with common areas and landscaping. Fully occupied at the time of sale, the buildings are minutes from the Elizabeth train stations with direct access to New York City.
In the last 12 months, Squires has completed five multifamily sales with 546 units in the Elizabeth market. Among them was a similar portfolio in the Elmora section known as Cherry Pines, which fetched $17.5 million.
“Some long-term owners are capitalizing on today’s pricing which is considerably higher than their original acquisition costs.”
Walker & Dunlop provided financing for the most recent sale.