(To read more on the multifamily market, click here.)
MORRIS TWP., NJ-Olde Forge West, a 123-unit garden-styleapartment complex here, has been sold for $26.9 million, a saleprice that factors out to nearly $219,000 per unit. The sellerswere Ronald and Anthony Giancristofaro, represented by JeffreyWiener, president and co-managing director of the Kislak Co. Thebuyer, identified only as "a large pension fund," was representedby Kislak's Robert Holland.
The Woodbridge, NJ-based Kislak had the exclusive on theproperty, the sale of which marks the final property to be soldthat was originally part of a portfolio of more than 3,000 units inNew Jersey, Pennsylvania, California and Florida. The portfolio hadbeen owned by the Giancristofaro's for more than 30 years.
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