MORRIS TWP., NJ-Olde Forge West, a 123-unit garden-style apartment complex here, has been sold for $26.9 million, a sale price that factors out to nearly $219,000 per unit. The sellers were Ronald and Anthony Giancristofaro, represented by Jeffrey Wiener, president and co-managing director of the Kislak Co. The buyer, identified only as "a large pension fund," was represented by Kislak's Robert Holland.
The Woodbridge, NJ-based Kislak had the exclusive on the property, the sale of which marks the final property to be sold that was originally part of a portfolio of more than 3,000 units in New Jersey, Pennsylvania, California and Florida. The portfolio had been owned by the Giancristofaro's for more than 30 years.
"We have been involved in helping the Giancristofaro's buy and sell most of their multifamily portfolio over the years," Wiener says. "More recently, given the demand in the market, we sold the majority of the portfolio. They were able to turn their first purchase, a nine-family cold water flat in Jersey City, into a significant portfolio of properties."
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