Tall Tree Apartments at 175 Buckelew Ave. in Jamesburg — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A longtime owner has sold the last multifamily building in its portfolio, a 68-unit property in Middlesex County that traded for $8.5 million.
The Kislak Co. Inc. announced Friday that it brokered the sale of the property, Tall Tree Apartments, at 175 Buckelew Ave. in Jamesburg. The transaction marked the first time the four-building apartment complex has changed hands in more than 30 years.
Daniel Lanni, a vice president with Kislak, represented both the seller and buyer, whose names were not disclosed.
“We previously sold 232 units for the seller and this was the last multifamily property in their portfolio,” said Robert Holland, president of the Woodbridge-based brokerage. “The experienced purchaser moved rapidly and performed flawlessly with an outcome satisfactory to all parties.
“The demand for multifamily properties in central New Jersey remains at an all-time high. Dan did an excellent job handling this off-market sale.”
Kislak also recently sold more than 120 units to the purchaser through other transactions. The buyer’s latest acquisition is a fully occupied complex with on-site parking, consisting of 10 studios, 38 one-bedroom units and 20 two-bedroom unit.
The brokerage noted that in 2015, the previous owner replaced the roof and installed sidewalk pavers at Tall Tree Apartments. Future plans include apartments renovations, increasing the rental income potential for what Kislak touted as a value-add opportunity.
Noah Burton of Schwartz Burton LLP represented the buyer, while Tara Phelan Carver of Giordano Halleran & Ciesla represented the seller. Meridian Capital Group provided the funding for the transaction.