Two Apartment Complexes Trade for $50M-Plus

In the larger of the two transactions, the 368-unit Colonial Village switched portfolios for a price tag of slightly more than $30 million, or about $82,000 per unit, according to Wiener. The deal was handled for both the buyer and the seller by Kislak sales reps Jonathan Greenberg and Charles Puth.

In particular, Puth represented the unidentified seller, which he describes only as "the original builder of Colonial Village, who considered this to be an opportune time to sell because of the strong market, and because of the lack of high-quality product in the region.

Greenberg procured and represented the buyer, which he describes as "a long-time Kislak client." Colonial Village, situated just off of Route 18, a key commercial corridor in the region, is a 20-building, two-story garden apartment complex.

And in an earlier transaction, Wiener and Puth represented the buyer of Cranbury Crossing, the Florham Park, NJ-based Kushner Cos. The sellers, the Sovereign Group in association with the Red Bank, NJ-based K. Hovnanian Enterprises, were represented by Joel Schwartz and Joseph Brecher of Gebroe-Hammer Associates of Livingston, NJ. The 160-unit garden apartment complex traded for $20 million, which factors out to about $125,000 per unit.

"The two sales are important for their size, scope and the fact that so little high-quality property remains for sale in the area," Wiener says. "These are two of the largest, high-profile garden apartment transactions done in New Jersey in the last year."