(Read more on the multifamily market.)
SUMMIT, NJ-Beech Spring Apartments, a 53-unit complex, has beensold for $7.9 million, a number that factors out to just more than$149,000 per unit. The complex, made up of seven buildings at 6Beech Spring Dr. near this city's Midtown Direct train station, wasfully occupied at the time of sale.
The sale was arranged by Jonathan Greenberg, vice president, andsales associate Andrew Jonas of the Kislak Co., Woodbridge. Thebrokers declined to identify the buyer or seller. The latter wasdescribed as a local family that had owned the property for morethan a decade, and for whom Jonas has managed a half dozentransactions over the past 15 years.
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