“The properties are in outstanding condition having undergone extensive renovations,” says Squires. “The nearly $90,000 per unit sale price is indicative of the strong demand among investors for high-quality multi-family properties in Elizabeth, which is an excellent market.”

At the time of closing, the properties were 95% occupied.

The Westfield Avenue property, which was owned by the original builder, is a two-and-a-half story brick building with a pitched roof. It has a mix of studios and one- and two-bedroom units. Squires represented the seller and vice-president Jonathan Greenberg represented the purchaser.

“The purchaser appreciated the tremendous potential with the property’s below-market rents, superior location on Westfield Avenue, large units, especially the nine two-bedroom units with large walk-in closets,” Squires says. “He intends to make a number of capital improvements and increase rents.”

The Monroe Street property is a brick garden-style apartment building with large one-bedroom units. Built in 1961, the property has undergone recent improvements, including a new roof, windows and parking lot. Squires represented both parties in the transaction. At the time of closing, the property was 100% occupied.