ELIZABETH, NJ–Pricing is strong in the Elizabeth multifamily market. The Kislak Company brokered the sale of a three-building, 62-unit multifamily portfolio in Elizabeth, NJ for $5.27 million. It's the largest multifamily sale in Elizabeth in terms of price since 2011 based on available data.
Kislak vice president Jeff Squires represented both parties in the transaction.
The properties are located on Morris Avenue and North Avenue, and two of the properties are located across from Kean University near mass transit and the Elmora section of Elizabeth. This particular portfolio of properties includes two and a half story garden apartments with onsite parking that were built in the 1960s.
“Owners of garden apartments in coveted locations often hold real estate in the family for several generations, as this developer did,” says Squires. “These buildings have historically high occupancy rates, in an extremely strong rental market. This was a rare opportunity.”
Kislak represented the owner on an exclusive basis to complete the disposition of family-owned multifamily assets over an extended period of several years. This sale represented a portion of a larger portfolio, consisting of seven Elizabeth apartment buildings. Kislak had exclusive marketing rights to this portfolio because of a longstanding relationship with the family.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
