ELIZABETH, NJ—Three separate transactions involving five multifamily properties in Elizabeth, Union County, NJ yielded $12.256 million. The three transactions include the sale of Maple Bay Estates, a 24-unit apartment building for $5.925 million; a three-building, 44-unit portfolio for $4.576 million; and a 20-unit mixed use property on Rahway Avenue that sold for $1.755 million.
Kislak Company vice president Jeff Squires represented the seller and purchaser in each transaction. Purchaser names were not disclosed, but according to Real Capital Analytics, a proprietary research database, Maple Bay Estates was owned by Antoun Nader and Leonardo J. Tallo. Owners of the other properties could not be determined from public sources.
Maple Bay Estates is a newly-constructed, condominium-quality apartment building located on Maple Avenue in Elizabeth with garage parking under the building. The property features elevator access to large 1,500 square foot two- and three-bedroom units that include two bathrooms and luxury finishes throughout. Each unit also has hardwood floors and a balcony. The property is conveniently located minutes from the New Jersey Turnpike and US Routes 1 and 9.
“Maple Bay Estates is the most luxurious rental property I have ever seen built in Elizabeth,” says Squires. “The record-shattering price of almost $250,000 per unit illustrates the strong investor demand for quality properties in such close proximity to New York City. Our purchaser swiftly moved to closing on an all-cash basis.”
The three-building portfolio sale includes 1970s-era garden apartment buildings with on-site parking located on North Avenue, South Broad Street and Williamson Street. Property sizes were 15-, 18- and 11- residential units, respectively, with studios, one-bedroom units and two-bedroom units. They have been meticulously maintained by the original developer.
“The portfolio properties were located in the most desirable residential neighborhoods in Elizabeth including the coveted Elmora section,” says Squires. “The buildings are among the most attractive garden apartment properties in the city and the $104,000 per unit price is unprecedented for this vintage in Elizabeth.”
The Rahway Avenue property is centrally located in a residential neighborhood near Carteret Park only one block from Elmora Avenue. The retail portion had stable historic occupancy and was fully leased at the time of closing.
ELIZABETH, NJ—Three separate transactions involving five multifamily properties in Elizabeth, Union County, NJ yielded $12.256 million. The three transactions include the sale of Maple Bay Estates, a 24-unit apartment building for $5.925 million; a three-building, 44-unit portfolio for $4.576 million; and a 20-unit mixed use property on Rahway Avenue that sold for $1.755 million.
Kislak Company vice president Jeff Squires represented the seller and purchaser in each transaction. Purchaser names were not disclosed, but according to Real Capital Analytics, a proprietary research database, Maple Bay Estates was owned by Antoun Nader and Leonardo J. Tallo. Owners of the other properties could not be determined from public sources.
Maple Bay Estates is a newly-constructed, condominium-quality apartment building located on Maple Avenue in Elizabeth with garage parking under the building. The property features elevator access to large 1,500 square foot two- and three-bedroom units that include two bathrooms and luxury finishes throughout. Each unit also has hardwood floors and a balcony. The property is conveniently located minutes from the New Jersey Turnpike and US Routes 1 and 9.
“Maple Bay Estates is the most luxurious rental property I have ever seen built in Elizabeth,” says Squires. “The record-shattering price of almost $250,000 per unit illustrates the strong investor demand for quality properties in such close proximity to
The three-building portfolio sale includes 1970s-era garden apartment buildings with on-site parking located on North Avenue, South Broad Street and Williamson Street. Property sizes were 15-, 18- and 11- residential units, respectively, with studios, one-bedroom units and two-bedroom units. They have been meticulously maintained by the original developer.
“The portfolio properties were located in the most desirable residential neighborhoods in Elizabeth including the coveted Elmora section,” says Squires. “The buildings are among the most attractive garden apartment properties in the city and the $104,000 per unit price is unprecedented for this vintage in Elizabeth.”
The Rahway Avenue property is centrally located in a residential neighborhood near Carteret Park only one block from Elmora Avenue. The retail portion had stable historic occupancy and was fully leased at the time of closing.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
