EAST ORANGE, NJ-The 45-unit Berkley Apartments complex has been sold for just less than $3.53 million, which factors out to approximately $78,500 per unit. Located at 174 N. Grove St. here, the property was 99% occupied at the time of closing.
The deal was orchestrated by sales associate Robert Squires of the Kislak Co., Woodbridge, who represented both the unidentified buyer and the seller, AJJ Family Partnership. Both parties were described as first-time Kislak clients.
"There is currently a huge demand for well-maintained properties of this caliber," Squires says, noting that the property recently underwent a "substantial capital improvement program and current plans include individual unit upgrades. And the East Orange/I-280 corridor is also experiencing a renaissance with many new development initiatives under way."
On the legal side, attorney Jeffrey Beckerman represented the buyer, and attorney Alan Mariconda represented seller AJJ Family Partnership.
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