Riverside Garden Apartments in Cranford — Courtesy: The Kislak Co. Inc.
By Joshua Burd
Nearly 130 apartments in Union County have changed hands for a total of more than $15 million under two separate transactions brokered recently by The Kislak Co. Inc.
The larger of the two deals was the $8.85 million sale of the Riverside Garden Apartments, a 46-unit complex in Cranford, Kislak said in a news release. The other transaction, which was valued at $6.5 million, involved a two-building, 80-unit portfolio in Elizabeth.
Kislak marketed the properties on an exclusive basis, with Senior Vice President Jeff Squires representing all parties in the transactions.
“The market for well-located and high performing multifamily properties remains very strong throughout New Jersey,” Robert Holland, president of the firm, said in a prepared statement. “As always, Jeff did an outstanding job bringing these properties to market. He generated a great deal of serious interest among many well-qualified investors and ultimately procured the best buyers who were eager to purchase these properties.”
Riverside Garden Apartments is located in the heart of Cranford within walking distance of the local train station that provides direct service to Manhattan, Kislak said. The three-story brick garden apartment complex includes 46 one- and two-bedroom units with detached garages, with each apartment featuring fully equipped kitchens and hardwood flooring throughout.
“Riverside Garden is a premium-priced property which had been family-owned for two generations,” Squires said. “Investors have been jumping at the opportunity to own multifamily properties near mass transit-oriented communities like the recently redeveloped downtown Cranford.”
The Elizabeth portfolio consists of a 46-unit building on North Broad Street and a 34-unit building with on-site parking on East Jersey Street, the news release said. The seller is a longtime client of Kislak and Squires, who recently was promoted to senior vice president.
“The seller took advantage of today’s strong market and increasing prices, which are being driven by unprecedented rent growth and lower interest rates,” he said. “The purchaser already started a capital improvement program and will continue renovations to maximize the growth potential of both buildings.”
