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.
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