Essex County Multifamily Trades in 1031 Exchange Deal
The sale of Magnolia Lane Luxury Apartments is the single largest sale of a multifamily property ever in Fairfield, NJ based on data available from CoStar.
FAIRFIELD, NJ—The Magnolia Lane Luxury Apartments here has sold for $13.8 million.
Brokerage firm The Kislak Company, Inc., reports the new 34-unit apartment complex at 60 Passaic Ave, was acquired by an unnamed purchaser who was completing a Section 1031 like-kind exchange.
Kislak EVP Joni Sweetwood marketed the property exclusively for the seller and also procured the purchaser.
The sale of Magnolia Lane Luxury Apartments is the single largest sale of a multifamily property ever in Fairfield, NJ based on data available from CoStar.
“Essex County is among the strongest rental markets in New Jersey,” Sweetwood says. “Given the area’s growing rental population and increasing demand for luxury housing, Magnolia Lane presented an exceptional opportunity for an investor to own one of the premier luxury rental properties in suburban Essex County near public transit and with easy access to Routes 80, 46 and 280 and only 20 miles from Midtown Manhattan.”
Constructed in 2018, the property includes four buildings with brick and clapboard style architecture on 2.66 professionally-landscaped acres on a private cul-de-sac. Each unit features a kitchen with quartz countertops, glass backsplash and stainless-steel appliances. Other amenities include private entrances and private garages, high ceilings, full sized washers and dryers, patios or balconies, plank-style flooring and CAT 6A wiring.
Sweetwood notes that the property appeals to young couples and ‘empty nesters’ “who feel the units are like individual homes but without the headaches.”