CLINTON, NJ-Clinton Manor, a four-building brick garden apartment complex, has traded between two private investors for $5.3 million. For the 50-unit property, the sale price factors out to $106,000 per unit. Located at 101 W. Main St., the complex consists of 38 one-bedroom and a dozen two-bedroom units, and was 97% occupied at the time of sale.
The buyer and seller were not identified by the brokers, sales associate Steven Follman, SVP Joseph Brecher and sales associate Steve Tragash of the Livingston-based Gebroe-Hammer Associates. On the legal side, the seller was represented by Arnold Litt of Herten, Burstein, Sheridan, Cevasco and Bottinelli of Hackensack. The buyer was represented by Louis Sroka of Jericho, NY.
"The seller was a New Jersey-based investor who owns other multifamily property in New York and New Jersey," Brecher says. "The property was sold as part of a 1031 exchange, which helped the seller create a more localized portfolio for ease of maintaining and managing the properties. We were able to accomplish the deal within the 1031 exchange time frame."
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