Sunnyfield Gardens Apartments at 315-441 Academy Terrace in Linden — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The developer of a 120-unit apartment complex in Linden has sold the property after nearly 75 years, in a newly announced transaction by The Kislak Co. Inc.
The brokerage firm said the Sunnyfield Gardens Apartments property, located at 315-441 Academy Terrace, traded for $20.5 million. An affiliate of Cammeby’s International purchased the complex from a seller listed as S.G.A. LLC, whose family owned the property for three generations.
“Sunnyfield Gardens is the exact type of family-owned legacy property that is most sought after by our investor clients,” said Jeff Squires, a senior vice president with Kislak. “There has been an influx of former New York City renters to the area, and the purchaser will benefit from the property’s massive value-add potential. There was tremendous demand during our brief and exclusive marketing period and the property ultimately sold at a sub-4 percent cap rate to the purchaser who closed in 30 days from contract signing.”
Located in the East Falls section of Linden, Sunnyfield Gardens is a two-story brick apartment complex built in 1947, Kislak said. The five-acre property has on-site parking for 100 cars and is a mile from the Linden train station and two blocks from restaurants, big-box retail stores and other shopping.
The attorneys for the seller and buyer were Michael Jones of Cole Schotz PC and Steven Fleissig of Greenberg Traurig LLP, respectively.
Kislak noted that Squires previously sold Rachel Gardens, a 764-unit property in Montville, to the same purchaser.
