Hampton West sold for $2.9 million while Sutton Place and Hampton East traded together for $3.1 million. Kislak vice president Matt Weilheimer represented the seller in each transaction and also the private investor purchaser of Hampton West. Sales associate Joseph Keenan represented the purchaser, also a private investor, of Sutton Place and Hampton East.
"The sale of these properties illustrates both the strength of multifamily investment properties in Northern New Jersey, especially in A-plus locations, and the continued demand for multifamily properties," Weilheimer says. He adds that these transactions were unique in that the seller of all three properties was the original builder and the properties had never before been available.
"The seller is a long-time Kislak client and, given the continued demand for apartments, gave Kislak an exclusive listing agreement to sell the properties," Wilheimer continues. "We were able to procure purchasers for the properties and they had a strategy to acquire and maintain on a long-term basis very strong and established properties in premier locations."
The properties are located in the downtown commercial district of Westwood, a suburban community in the center of Bergen County, with access to the Garden State Parkway, Route 4 and Route 17. Each property consists of a three-story brick building with pitched mansard roofs, one-bedroom apartments, on-site parking and laundry facilities.
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