MILLBURN, NJ-A 36-unit apartment complex has traded for $9 million in an off-market deal that appears to be the highest price per-unit ever paid in Millburn according to The Kislak Company.

Joni Sweetwood represented both sides in the transaction.

Kislak's president, Robert Holland says Sweetwood presented the long-time owner of the Monterey Village complex with an “aggressive buyer” who was itching to buy in Millburn. Holland makes the claim that the price-per-unit - more than $290,000 - is highest for a rental property sold within the community.

“Properties in Millburn rarely, if ever, come on the market,” Sweetwood said. “This property had been owned by the family of the original builder, who was in the process of refinancing an existing mortgage.” Instead, Sweetwood's client purchased the building before the mortgage matured.

She said it was the fifth transaction she'd arranged for the buyer, but did not disclose the buyer's identity.

The property on Millburn Avenue includes four townhouses, 20 one-bedroom apartments and 12 two-bedroom apartments. It is located across from a CVS and a Trader Joe's, less than a half mile from the Millburn train station. It is also only a mile from Route 78 and less than five miles from Route 24 and the Mall at Short Hills.

The property is 100% occupied.

“Millburn has everything you want at your doorstep – a train station with direct service to New York City, great restaurants, local parks and one of the best school systems in the state,” said Sweetwood.

She said the Monterey Village's new owner plans electrical upgrades to “meet modern demands.

Kislak Company, founded in 1906, is headquartered in Woodbridge. Its client base includes individual investors and owners, partnerships, financial institutions and REITs.

Instant Insights /

Millburn Apts. Sell Off-Market, Top Price

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