Belleview Commons Apartments at 328 Bellevue Ave. and Parkside Commons at 883-887 Parkside Ave., both in Trenton — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A longtime apartment owner in Trenton has sold two properties with a combined 57 units, in a set of deals arranged by The Kislak Co. Inc.
According to a news release, the transactions include the 24-unit Belleview Commons Apartments at 328 Bellevue Ave. An affiliate of the seller, Belleview Commons LLC, reaped $2.85 million in the deal with a private investor.
Kislak Executive Vice President Barry Waisbrod represented the seller in the trade, partnering with Ten-X to facilitate an online managed bid auction. He did the same for the second transaction, at 883-887 Parkside Ave., working on behalf of Parkside Commons LLC to sell the 33-unit property for $3.326 million.
“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,” Waisbrod said. “The purchasers invest in real estate throughout Mercer County. This was an opportunity for them to acquire clean properties with upside in a nice section of Trenton not far from their other properties.”
Kislak noted that both properties are three-story brick apartment complexes with a mix of studios and one- and two-bedroom units. The properties include large parking lots and recently underwent improvements and system upgrades.
“These auction sales were our fourth and fifth 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.”