WOODBRIDGE, NJ-The locally based Kislak Co. Inc. has brokered the sale of two New Jersey investment properties totaling $4.8 million. The sales include Brooklawn Court Apartments, a 54-unit multifamily property in Brooklawn that sold for $2.9 million and an 18,360-square-foot, multi-tenanted office building in Elizabeth that sold for $1.9 million.
In the Brooklawn transaction, senior vice president Joni Sweetwood represented both parties, longtime Kislak clients. The purchaser of Brooklawn Court was also the seller of the Elizabeth property. In that transaction, vice president Andrew Jonas represented the purchaser, a private investor.
“The market for multifamily properties remains extremely strong and demand for other types of investment properties is increasing,” Kislak president and co-managing director Jeffrey Wiener tells GlobeSt.com. “We have clients interested in both market deals such as these, along with distressed properties, several of which Sweetwood also recently sold.”
In the third quarter, Sweetwood sold three distressed Essex County apartment buildings--two assets with a total of 24 units sold for $830,000 on behalf of a court-appointed receiver and one 25-unit building sold for $1 million on behalf of a bank.
Built in 1949 and renovated in the late 1990s, Brooklawn Court is a two-story garden apartment that consists of two-bedroom units with amenities including on-site parking, air conditioning, wall-to-wall carpeting, dishwashers, renovated laundry rooms, basement storage and new electrical services. At the time of closing, the property was approximately 97% occupied.
Built in 1961, the Elizabeth office building is a three-story brick building with tenants that are primarily attorneys and physicians. The property includes parking and a central HVAC system, and was around 96% occupied at the time of closing.
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