Stonewood at Newton at 31 Paterson Ave. in Newton — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private owner has reaped $7.3 million from the sale of two garden apartment complexes in Sussex County, brokers with The Kislak Co. Inc. announced Tuesday.
The Woodbridge-based firm said it represented the seller in its disposition of Stonewood at Newton, which is located at 31 Paterson Ave., and Swartswood Gardens at 4-20 Swartswood Road, both in Newton. Each property includes 32 units, with a mix of one- and two-bedrooms, and was fully occupied at the time of closing.
“To say this deal had challenges would be an understatement,” said Joseph Keenan, a senior vice president with Kislak. “We were weeks away from closing when COVID-19 hit. New Jersey locked down and the prior lender temporarily ceased financing. The transaction became a total team effort to extend the timeline, find a new source of financing and guide it to closing all while maintaining pre-pandemic pricing. I am grateful for my team at Kislak and our ability to work together to overcome any challenge that’s thrown at us.”
Keenan marketed the properties alongside Vice President Justin Lupo. The team also procured the buyer, a private investor.
“During these unprecedented times, we continue to experience a ‘new normal’ personally and professionally,” Lupo said. “The new normal in real estate transactions can be challenging especially with recent more stringent changes in lending requirements. The Newton sales were no exception as we needed to overcome many obstacles prior to closing. Fortunately, the real estate professionals at Kislak, among others involved, were able to resolve all issues and bring the transactions to a close.”
Each complex is made up of two brick buildings, with many recent improvements and abundant on-site parking, Kislak said. They are one mile from downtown Newton, the Sussex County seat, and minutes from major retailers and Sussex County Community College.
Edward Bortz and Jacques Moye were the attorneys for the seller and buyer, respectively. Eric Seidel arranged acquisition financing through ReadyCap.
