MONTVILLE, NJ—An affiliate of New York City-basedCammeby's International has acquired the 764-unitRachel Gardens apartment complex here for $136million. The property was in the center of a 21-year high-profilelawsuit involving New Jersey developer ZygmuntWilf.

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The deal was announced by Woodridge, NJ-based brokerage firmThe Kislak Co. Inc., which said the deal involvedthe largest multifamily property sale in the state of New Jerseysince 2011. The sale was based on a court order last year when aMorris County Superior Court Judge awarded $110 million to twobusiness partners who claimed they were cheated out of revenue fromthe complex. Kislak Vice President Jeff Squiresrepresented both parties in the transaction. PresidentRobert Holland and COO JasonPucci provided transaction management and support.

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Kislak was appointed as the exclusive broker after JudgeDeanne Wilson ruled against Wilf, who owns the NFL'sMinnesota Vikings, and his family in the case brought by formerWilf partners Ada Reichmann of Toronto and her brother JosefHalpern, according to NJBiz.

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The brokerage firm states that Cammeby's offer was $1 millionabove the listing price with a considerable non-contingent depositand no due diligence. Three other interested parties made offers at$135 million.

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“There are only a handful of apartment complexes of the size andquality of Rachel Gardens in northern New Jersey and they rarely,if ever, sell,” says Kislak's Squires. “Our exclusive listingrepresented an extraordinary and unique opportunity for investorsto acquire a large well-performing property in an affluentcommunity only thirty minutes from Manhattan. Occupancy at RachelGardens is consistently high with waiting lists for some units.These factors contributed to a frenzy of interest from manyinvestors, several at a sub 5% cap rate.”

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Constructed between 1989 and 1999, Rachel Gardens, the onlyapartment property in Montville, consists of 531 two-bedroomapartments, 226 one-bedroom apartments and seven studio apartmentsin 32 three-story buildings. A total of 596 of the units are marketrate and 168 of the units are affordable. See story inNJBiz.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.