Mosaic on Main at 7-15 West Main St. in Bound Brook — Courtesy: Reynolds Asset Management
By Joshua Burd
Reynolds Asset Management has sold a newly completed, 63-unit apartment building in Bound Brook for $22 million, in a deal arranged by The Kislak Co. Inc.
The developer, which opened the property earlier this year, said a longtime New Jersey owner purchased what’s known as Mosaic on Main as part of a Section 1031 like-kind exchange. The deal at 7-15 West Main St. comes as redevelopment activity continues in downtown Bound Brook, which parallels NJ Transit’s Raritan Valley Line.
“We put our heart and soul into every project, so when it came time to part with Mosaic on Main, we wanted to ensure that the new owner would do the same,” said Lou Reynolds, founder and CEO of Reynolds. “Thankfully, we found someone with a stake in the community and a desire to participate in the growing housing opportunities in Bound Brook.”
Kislak Executive Vice President Joni Sweetwood represented the seller and Senior Vice President Robert Squires procured the buyer of the five-story elevator building, which also has one 1,650 square-foot retail space. Residents of the studio, one-bedroom and two-bedroom apartments benefit from upscale finishes and amenities such as a fitness center, while they are steps from the train station, restaurants and retailers.
Deugen Development served as construction manager for Mosaic on Main, whose project team also included Jose Carballo Architectural Group and Roxbury Engineering Associates.
“Similar to Jersey City and Harrison, Bound Brook is a community where everything old is becoming new again,” Sweetwood said. “What makes Mosaic on Main different are the special artistic touches throughout the property brought to life by the Reynold team, such as the original mosaic, personally commissioned by Lou, in the building’s lobby.”