Riverside Gardens in Cranford — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has acquired a 46-unit apartment complex in Cranford for $11.3 million, in the largest of three newly announced transactions by The Kislak Co. Inc.
The brokerage firm said it represented the seller of the four-building property, Riverside Gardens, in the transaction with an unnamed buyer. Located along the Rahway River, Riverside Gardens includes a mix of one- and two-bedroom apartments, along with 14 detached garages, several parking spaces and on-site laundry in each building.
Kislak Senior Vice President Jeff Squires represented the seller and procured the buyer, noting that half of the units have been renovated and that most units have under-market rents.
“Riverside Gardens was an unusual opportunity for an investor to acquire one of the largest and most exclusive apartment communities in the municipality,” Squires said. He added that the property traded for the second-highest price ever paid for a multifamily property in Cranford, citing CoStar records.
Squires also represented the seller of 43 units on West Third Avenue and 17 units on Walnut Street, both in Roselle, which sold for combined $5.7 million. The larger property includes two brick buildings with studios and one-bedroom apartments, all of which have rents that are at least 30 percent below market.
The original builder’s family had owned the complex since the 1960s, according to a news release. The property is less than a one block from city hall, other municipal services and the downtown city center.
“Roselle is a tremendous rental market where apartment building owners will often hold multifamily assets across several generations,” Squires said. “This 43-unit sale marks the largest multifamily transaction with the most units sold in the city in well-over 10 years.”
The property on Walnut Street contains studio, one-bedroom and two-bedroom apartments, along with one three-bedroom apartment, Kislak said.