Kislak Completes 14-Unit Affordable Housing Sale

Villas on the Park is a community of individual privately owned condominiums that also includes an affordable housing component. In order to assist Berkeley Heights fulfill its obligation to provide affordable housing, the developer retained 14 units to lease as low- and moderate-income apartments to qualified households.

The sale included 12 two-bedroom and two three-bedroom condominium-quality units. Half of the units are designated for moderate-income households and the other half for low-income households.

"This was a very interesting transaction," Squires tells GlobeSt.com. "Multifamily properties rarely trade in upper middle class areas of Northern New Jersey such as Berkeley Heights, and affordable housing units are uncommon. After meeting with the seller, we were confident in our ability to achieve the best price and procure the right buyer for him. He gave us an exclusive listing agreement to market the property and Jon was quickly able to procure a purchaser and deliver a contract with a sale price of almost $100,000 per unit."

Kislak had a number of clients with serious interest in these units, adds Robert Holland, senior vice president and co-managing director. "Given the affordable housing component, the below-market rents almost guarantee constant full occupancy with very little risk, especially in such a desirable area as Berkeley Heights."

According to Greenberg, the buyer was interested in several other properties "but once these units became available, we advised him accordingly and he moved quickly."

At the time of closing, the 14 units were fully occupied and there was a waiting list of prospective tenants looking to rent the units. The units will remain affordable housing apartments until 2026.