2030 Riverside Drive in Trenton — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A local investor has acquired a 30-unit apartment building in Trenton for more than $3 million, in a newly announced deal by The Kislak Co. Inc.
In a news release, the brokerage team said it represented longtime client River Bank Rentals LLC in the transaction at 2030 Riverside Drive. The buyer, NJ Mercer Investments Realty LLC, completed the deal as part of an online managed bid auction on the Ten-X platform.
“The seller is a longtime landlord with a large presence in Trenton and has been exchanging some of his smaller properties into larger suburban properties in southern New Jersey and eastern Pennsylvania,” said Barry Waisbrod, an executive vice president with Kislak. “The purchaser invests in real estate throughout Mercer County. This was an opportunity for him to acquire a clean property with upside in a nice section of Trenton not far from his other properties.”
Known known as Riverbank Commons, the three-story brick building sits on a quiet residential street along the Delaware River, the news release said. The property includes two parking lots with four driveways, while benefiting from a series of recent renovations.
Kislak also brokered previous sales of the building, known as Riverbank Commons, in 1987, 1998 and 2003, as well as several other recent deals in Trenton. They include the $2.55 million sale in July 2023 of Tyler Apartments, a 26-unit multifamily property at 272 Tyler St., and the $575,000 trade in September 2022 of a mixed-use property at 334 South Broad St.
“This auction sale was our third in Trenton in partnership with Ten-X,” said Jason Pucci, Kislak’s CEO. “In each instance, Evan Koransky and his team at Ten-X did an excellent job from start to finish and all parties were pleased with the results.”
