WOODBRIDGE, NJ-Multifamily properties in New Jersey and Pennsylvania and retail and mixed-use properties in Northern New Jersey were recently sold in separate transactions. The sum total of the various sales was just over $11 million.
All the transactions were arranged by the locally based Kislak Co. The numerous buyers and sellers were not identified, but consisted of various private investment groups.The multifamily properties include Chestnut Hill, a 48-unit, two-story garden apartment complex in Vineland, NJ. Kislak's Jacob Friedman represented the seller, while the firm's Joni Sweetwood represented the buyer. The deal marked the second time Kislak has sold the building, representing the seller in the previous transaction.
In Philadelphia, meanwhile, the 64-unit Girard Court Apartments sells. Kislak's Heidi Shegoski represented the buyer of the complex, which sits on 1.49 acres, while Sweetwood spoke for the seller, described by Kislak president Jeffrey Wiener as "a long-time Kislak client."
The third multifamily property sale involved Spruce Park Towne Homes, a 150-unit garden complex in Lebanon, PA. In this case, Kislak senior vice president Robert Holland spoke for the seller, while Sweetwood represented the buyer. According to Sweetwood, the seller "is a long-time client who has done numerous deals through the company. The buyer was an urban investor who had a great appreciation for the property's country setting."
The retail and mixed-use properties that recently traded were 58-60 Underwood St. in Newark, NJ, a three-story building on that city's border with South Orange, consisting of 51 apartments and six retail stores; and the 31-unit apartment building at 8 Monticello St., also in Newark. The two assets were sold together, with Sweetwood representing both sides. The buyer obtained 85% financing for the deal.
Finally, Sweetwood represented both sides in the sale of the 11,440-sf retail strip center located at 51-63 Academy St. in South Orange. The asset is located near the campus of Seton Hall University.
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