WOODBRIDGE, NJ-The Kislak Co. has completed the trade of Dover Hills, a 100-unit apartment complex in Dover for $11,450,000.
Two long-time clients were on either side of the transaction, and Jonathan Greenberg represented both clients. The names of buyer and seller were not disclosed.
“It is rare that a property of this size and quality becomes available in such a high- demand area where multifamily properties rarely trade,” Greenberg tells GlobeSt.com. He said the sale appears to be the largest single multi-family sale in Morris County this year.
“The market for multifamily properties is extremely strong throughout New Jersey, and this was an exceptional opportunity in an excellent location,” added Robert Holland, president and co-managing director of the Woodbridge-based company. “Morris County has low vacancy and increasing rents. Jon procured an aggressive buyer able to close quickly. The sale was completed within 45 days of contract signing.”
Built in 1964, Dover Hills was fully occupied at the time of closing. It consists of four garden-style buildings with a combination of studio, one- and two-bedroom units, set on two acres. The complex is close to downtown Dover with nearby access to Routes 80, 46, 287 and 202.
The seller recently completed numerous improvements including new windows, kitchens and bathrooms, according to Greenberg. Financing was provided by Spencer Savings Bank.