175 Buckelew Ave. in Jamesburg — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An area landlord has sold the last piece of its portfolio, a 68-unit apartment complex in Jamesburg that is now slated for renovations under its new owner.
The Kislak Co. Inc. said Wednesday that it represented both parties in the $8.5 million sale of the four-building property, Tall Tree Apartments, located at 175 Buckelew Ave. The deal marks the first time the property traded hands in more than 30 years.
Kislak Vice President Daniel Lanni handled the assignment for the Woodbridge-based firm, noting that the seller is a repeat client.
“We previously sold more than 200 units for the seller and this was the last multifamily property in their portfolio,” Lanni said. “The experienced purchaser moved quickly and performed well to ensure a successful closing. The demand for multifamily properties in central New Jersey remains at an all-time high.”
Noah Burton of Schwartz Burton LLP represented the purchaser and Tara Phelan Carver of Giordano, Halleran & Ciesla, represented the seller, Kislak said in a news release. Meridian Capital Group arranged financing for the transaction.
Kislak said the property, which is fully occupied, has on-site parking and consists of 10 studios, 38 one-bedroom units and 20 two-bedrooms. The seller recently replaced the roof and installed new sidewalk pavers, the firm said, while its new owner plans to renovate the apartments in order to increase the rental income potential.
“Dan did an excellent job orchestrating this off-market sale,” said Robert Holland, Kislak’s president.
Kislak also represented the buyer in its purchase of a combined 120 units in other recent deals.
