UNION, NJ-The Kislak Co. has closed the sale of Larchmont Manor, a 33-unit garden apartment complex in Union, for $2.7 million. Built in 1953, the complex had a single set of owners for 20 years and sparked strong demand when it was offered, according to Kislak’s brokers.
Andrew Jonas represented the sellers and Andrew Scheinerman represented the purchaser in the transaction. Both parties were identified only as private investors and long-time clients of Woodbridge-based Kislak.
Kislak president Robert Holland that, “We quickly generated a great deal of interest among clients and prospects given the strength of the multifamily market and the excellent location of the property.”
Larchmont Manor consists of two brick buildings with one- and two-bedroom apartments with off-street parking. Situated close to downtown Union, the building has been maintained with hardwood floors and Thermopane windows. Its location provides easy access to Routes 22, 24, 78 and the Garden State Parkway.
Scheinerman said that the property was 92 % occupied at closing, and 100 % occupied within a week. “Area demand is very strong,” he said “The purchaser will continue to upgrade the property and raise rents. Landscaping improvements and bathroom renovations are already underway.”
Mortgage financing was provided by Oritani Bank on the deal.
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