WOODBRIDGE, NJ-In separate transactions, two apartment complexes totaling 142 units have been sold for a combined $11.3 million. Both deals were brokered by Barry Waisbrod, a sales associate with the Kislak Co., based here.
In the larger of the two sales, Watchung Gardens, a 102-unit complex of six two-story buildings at 802 E. Front St. in Plainfield, has been sold for $7.5 million, or approximately $74,000 per unit. At closing, the complex was fully occupied. Waisbrod represented both the buyer, Connolly Properties, and the seller, New York City-based PLP Management.
In the second, the 40-unit 801 Lexington Ave., an elevator building in Lakewood, has changed hands for $3.8 million, or $95,000 per unit. Waisbrod similarly repped the buyer, identified only as a local investor, and seller Rephman Inc. The property was also fully occupied at the time of sale.
"New Jersey continues to be one of the most desirable investment markets for rental product," Waisbrod says.
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