(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.


"We have been involved in helping the Giancristofaro's buy andsell most of their multifamily portfolio over the years," Wienersays. "More recently, given the demand in the market, we sold themajority of the portfolio. They were able to turn their firstpurchase, a nine-family cold water flat in Jersey City, into asignificant portfolio of properties."

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