Milton Terrace Apartments at 1251 Milton Place in Plainfield — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An apartment owner has sold a 20-unit property in Plainfield after completing a series of updates during nearly a decade of ownership, according to brokers with The Kislak Co. Inc.
Located at 1251 Milton Place, the asset is a garden-style complex with two-bedroom units located just south of Route 22. Kislak Vice President Julie Gralla represented the seller, Milton Terrace Holdings, while Executive Vice President Joni Sweetwood procured the undisclosed purchaser in the most recent deal.
Terms were not disclosed.
“It was a pleasure to work with the seller whom I had previously represented as a buyer for this property,” Gralla said. “Given my long and memorable history with the property, it was important that I arranged its sale. The seller engaged us on an exclusive basis, which enabled us to achieve a high per-unit price.”
In a news release, Kislak noted that Milton Terrace Apartments consists of two buildings totaling 16,825 square feet with on-site parking in a quiet, secluded neighborhood. Within the last eight years, the seller made significant updates to the property including new roofing and siding, new windows and HVAC units in most apartments, a new drainage system and renovation of half of the units.
The brokers touted the property’s upside given the potential to raise rents, along with its proximity to a vast selection of retail and restaurants, schools, recreational facilities and hospitals.