Clockwise, from left: The Kislak Co. Inc. has brokered the sale of a 121-unit affordable housing portfolio that includes Eagle View Apartments in Monroe Township, The Hills at Rockaway, The Preserve at Matawan and Don’s Apartments in Livingston. — Courtesy: Kislak
By Joshua Burd
An apartment owner has sold a 121-unit portfolio of income-restricted homes in northern and central New Jersey, in a series of deals arranged by The Kislak Co. Inc.
Matt Weilheimer, an executive vice president with the brokerage firm, represented a private seller in four transactions totaling $14.145 million, according to a news release. The largest among them was the $7.275 million sale of the five-year-old Eagle View Apartments, which consists of 48 units at 206 Joan Warren Way and 402 Market St. in Monroe Township, with easy access to the New Jersey Turnpike, routes 33 and 130 and NJ Transit.
Weilheimer also procured three buyers for the four properties, which also include a combined 61 condominiums units operated as rentals in Rockaway and Matawan and an apartment building in Livingston. Their names were not disclosed.
“The availability of the portfolio presented a rare opportunity for investors to acquire 121 desirable affordable housing units in very strong northern and central Jersey locations,” Weilheimer said. “The properties had between 17 and 27 years of affordability restrictions left on the initial terms. For many years, we saw a limited number of investors owning and operating in the affordable sector but now, especially given the need for affordable housing, the demand is increasing among investors including some who traditionally focused on market rate housing.
“We experienced this trend firsthand with our marketing and sale of the portfolio.”
In a news release, Kislak said the transactions included the $3.2 million sale of 30 units at The Hills at Rockaway, located on Parkview Lane in Rockaway, along with 31 homes at The Preserve at Matawan, located on Sloan Court in Matawan, for $2.37 million. The respective assets are part of a 142-unit complex built in 2017 and a 157-unit property built in 2009.
In the fourth deal, an investor paid $1.3 million for what’s known as Don’s Apartments at 660 South Orange Ave. in Livingston. The property opened in 2019.
