SPRINGFIELD, NJ-In a rare luxury trade, the newly built multifamily property at 102-114 and 118-120 Victory Road here has been sold for $23 million, the Kislak Co. tells GlobeSt.com exclusively.
Kislak president and co-managing director Robert Holland and sales associate Scott Davidovic represented the purchaser, a longtime client, in the acquisition of the 90 one-, two-, and three-bedroom rental units.
“This is a brand new location with spectacularly large units,” Holland says. This appealed to the buyer, an owner of more than 6,000 residential units. “New Jersey has high barriers to entry. It’s difficult to find land for multifamily.”
The developer is not based in the market and decided to sell the property even as it was being completed, Kislak says. The deal was closed in just 40 days -- it had to close by December 31, and the previous owner is completing the last cosmetic touches on the property, such as striping.
Also appealing is the property’s location, near downtown Millburn, the Mall at Short Hills, and both the Millburn and Short Hills transit hubs. A clubhouse and gym have yet to be built.
“Plans have been given to the seller’s engineer,” Davidovic says. The final work is expected to be complete by early February, and leasing will begin shortly.
The seller was represented by Robert Travers Esq. of Edgewater, NJ, and the purchaser was represented by Kenneth Gleidman, Esq. of Lichter Gliedman Offenkrantz, PC of New York City. Robert Mendeles of Arbor Realty Trust arranged an $18 million bridge loan for the purchaser. HFF was the broker representing the seller.
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