ELIZABETH, NJ — The Kislak Company Inc. announced the recent sale of a three-building multifamily portfolio with 62 units in Elizabeth for $5.27 million. Vice president Jeff Squires represented both parties in the transaction.
The sale is the largest multifamily sale in Elizabeth in terms of price since 2011 based on data available from CoStar.
The properties are located on Morris Ave. (pictured) and North Ave., and two of the properties are located across from Kean University within close proximity of mass transit.
Elizabeth, which is a 20-minute drive or 30-minute direct train ride to Manhattan, is a desirable area for renters and commuters. This particular portfolio of properties includes two and a half story garden apartments with onsite parking that were built in the 1960s.
“Owners of garden apartments in coveted locations often hold real estate in the family for several generations, as this developer did,” said Squires. “These buildings have historically high occupancy rates, in an extremely strong rental market. This was a rare opportunity.”
Kislak was engaged to represent the owner on an exclusive basis in order to complete the disposition of family-owned multifamily assets over an extended period of several years. This sale represented a portion of a larger portfolio, consisting of seven Elizabeth apartment buildings. Kislak was granted marketing rights to this portfolio thanks to its longstanding relationship with the family.
Jeff Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment real estate throughout northern New Jersey. He was named a vice president in 2009, becoming one of the youngest salespeople to earn that distinction in Kislak’s history. Today, he is one of Kislak’s leading producers.