Riverside Gardens in Cranford, NJ.

WOODBRIDGE, NJ—The Kislak Company, Inc. has sold the Riverside Gardens development in Cranford and two multifamily properties in Roselle for a total sale price of $17 million.

The Riverside Gardens development on Riverside Drive totals 46 units. The property traded for $11.3 million. Kislak also sold a 43-unit property on West Third Avenue and a 17-unit property on Walnut Street in Roselle for a total sale price of $5.7 million.

Kislak SVP Jeff Squires handled the marketing assignment and procured the undisclosed purchasers in the transactions.

“Riverside Gardens was an unusual opportunity for an investor to acquire one of the largest and most exclusive apartment communities in the municipality.” Squires says. According to CoStar records, $11.3 million was the second highest price ever paid for a multifamily property in Cranford, Kislak Co. states.

Situated along the Rahway River, Riverside Gardens consists of four three-story brick buildings that feature nine standard one-bedroom apartments, 29 large one-bedroom apartments, and eight two-bedroom apartments along with 14 detached garages, several parking spaces, and onsite laundry in each building. Half of the units have been renovated and under-market rents remain in most units.

The property on West Third Avenue in Roselle includes two brick buildings containing 14 studios and 29 one-bedroom apartments, all with rents at least 30% below-market. The property on Walnut Street in Roselle contains two studios, 12 one-bedroom apartments, two two-bedroom apartments and one three-bedroom apartment.

“Roselle is a tremendous rental market where apartment building owners will often hold multifamily assets across several generations,” Squires notes. “This 43-unit sale marks the largest multifamily transaction with the most units sold in the city in well-over 10 years.”