“The market remains very strong throughout New Jersey for all types of multifamily properties – from suburban garden complexes to high-density urban buildings,” says Robert Holland, the president of Woodbridge-based Kislak. He noted that the recently-sold properties are all located in neighborhoods that are close to mass transit and have very low vacancy rates, making them highly desirable to investors.

Sweetwood said the occupancy rate is effectively 100 percent at the Asbury Park complex, which consists of seven two-story brick buildings with a mix of one- and two-bedroom units. Prior rent concessions have been eliminated.

“Asbury Park is becoming increasingly popular for residents and investors alike as the revitalization of the city proceeds,” says Sweetwood. “The area has become trendier with restaurants, shops and nightlife. People want to live there.”

In that transaction, the purchaser assumed the seller’s existing mortgage. Neither was identified, but both parties had a prior transaction handled by Kislak, according to Sweetwood. The financing was handled by Arbor Commercial Mortgage.

In East Orange, Sweetwood also represented both sides in the sale of the 45-unit property under an exclusive listing agreement. At the time of closing, the property was 98% occupied. The four-story elevator building, built in 1940, had had a single owner since 1979, she said. “The building has an attractive lobby, very large one-, two- and three-bedroom units and garage parking and is situated on one of the best and most desirable streets in the city” within walking distance of city parks, Sweetwood added.

Sweetwood handled the distress sale of the second East Orange property, another four-story elevator building with a mix of unit sizes, situated near a train station. The buyer paid cash on the mortgage, she said.

The Plainfield sales involved two neighboring properties on Eighth and Ninth Streets with a total of 39 units – a mix of studios and one-bedroom units. Alan Sommer Storozum, a Kislak vice-president, represented the seller and Sweetwood represented the purchaser.

The seller had initially purchased the properties out of foreclosure, but Sweetwood says they were fully occupied at the time of the recent sale and fetched a market-rate price.

The Jersey City sales were for neighboring properties on Arlington Street that have one-, two- and three-bedroom units. The seller had previously purchased a distressed mortgage on the property and foreclosed. Sales associate Scott Davidovic represented the seller and Sweetwood represented the purchaser. The seller provided the purchaser with a purchase money mortgage.