150, 152, 154, 156 and 158 Broad St. in Summit — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has acquired 10 newly built townhomes in Summit for nearly $6.3 million, according to a brokerage team with The Kislak Co. Inc.
In a news release, the firm said the complex at 150, 152, 154, 156 and 158 Broad St. commanded a price of $625,000 per unit. Each home contains two bedrooms and two and a half bathrooms, with private garage parking and outdoor spaces at a location less than a mile from the city’s train station.
“The strength of New Jersey’s transit-oriented suburban market could not be more apparent than 10 townhome style rentals trading for $625,000 per unit,” said Joseph Keenan, a senior vice president with Kislak. “This record price is underscored by the intense interest garnered from investors. A 10-unit property is generally smaller than the purchaser’s target. However, the location and the product were of such high quality that he could not pass on the opportunity.
“I am grateful to the sellers for awarding us the exclusive opportunity and I look forward to more transactions with the purchaser.
Keenan represented the seller, while Kislak Executive Vice President Joni Sweetwood procured the buyer. In announcing the deal, they also touted the site’s proximity to Overlook Medical Center and the dining and retail offerings along Springfield Avenue, which is Summit’s main commercial thoroughfare.
“This was a unique opportunity in a transit area,” Sweetwood said. “The units are similar to individual home rentals especially given the sizes, separate entrances and garages but without any maintenance requirements for tenants.”
