ELIZABETH, NJ-Three apartment building sales have been completed here by The Kislak Co. The combined sales price for the properties was $5.7 million.
Transactions included:
- the $2.7 million sale of a 51-unit property on Jefferson Avenue,
- $2.3 million sale of a 44-unit property on Anna Street, and
- $640,000 sale of a 12-unit property on Third Avenue.
“The Elizabeth submarket remains very strong and desirable given its location, sizeable population, vibrant downtown and proximity to northern and central New Jersey and New York City,” said Kislak's Robert Holland. Of course, he added, continuing low interest rates are figuring in as well.
The properties on Jefferson Avenue and Anna Street sold together, and Kislak represented both sides in each transaction. Joni Sweetwood represented the sellers and Jonathan Greenberg represented the purchaser. In the Third Avenue sale, Jeffrey Squires represented both parties.
The Jefferson Avenue property is a five-story building the sellers recently renovated with new kitchens and baths, hallway upgrades and a new roof. At the time of closing, the property was 90% occupied.
The Anna Street property is also a five-story brick elevator building and is 100% occupied.
Financing for the properties on Jefferson Avenue and Anna Street was arranged by Elliott Treitel of Meridian Capital Group.
The Third Avenue property is a three-story building, 100% occupied, and the sale was all cash.
“This transaction marks the fourth Elizabeth multifamily property that we sold for this particular ownership group in two years,” said Squires. “We procured a purchaser with the ability close quickly without the involvement of a bank.”
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