Sheridan Gardens at 533 East Second Ave. in Roselle — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has sold a 35-unit apartment building in Roselle for $6.9 million, according to a broker with The Kislak Co. Inc.
Joni Sweetwood, an executive vice president with the brokerage firm, represented Sheridan Estate Urban Renewal LLC in its sale of the property at 533 East Second Ave. She also procured the buyer, Harrison Grove Holdings LLC, noting that the offering included assumable financing and a long-term payment in lieu of taxes program.
“The seller and buyer and their teams were pros and a pleasure to deal with, which made the transaction move as quickly as possible especially given the loan assumption and PILOT,” Sweetwood said. “The property condition also made the sale go quickly as it passed the city inspection the first time without any violations.”
The deal comes just over five years after Sheridan Estate Urban Renewal LLC, an affiliate of a longtime Kislak client, acquired what’s known as Sheridan Gardens. Sweetwood also brokered that transaction.
In a news release, the firm noted that Sheridan Gardens is a four-and-a-half story brick elevator apartment building on roughly a quarter-acre with on-site gated parking. It also includes several recent improvements such as renovated apartments, new landscaping, a new entrance and bluestone walkway and LED lighting.
While the property was built in 1928, Kislak said the roof and all electrical, mechanical and plumbing systems were replaced within the last 20 years. Residents benefit from its location between Westfield Avenue and Warinanco Park in central Union County, roughly 10 miles from Newark and 18 miles from New York City.
