WOODBRIDGE, NJ—The Kislak Co. Inc. has completed three multifamily sales in two transactions for properties in Elizabeth, N.J. totaling more than $5.6 million.
In the first transaction, a 12-unit property on Third Avenue was sold for $640,000 in an all-cash transaction. Vice President Jeffrey Squires represented both parties.
A three-story brick building with one- and two-bedroom units, the Third Avenue property offers on-site laundry facilities. The seller was represented by Kerry Moriarty, of O'Connor, Morss & O'Connor, while the purchaser was represented by Gary Bundy of La Corte, Bundy, Varady & Kinsella. At the time of closing, the property was 100 percent occupied.
In the second transaction, a 51-unit property on Jefferson Avenue changed hands for $2.7 million and a 44-unit property on Anna Street changed hands for $2.3 million.
The Jefferson Avenue property is a five-story elevator building with a combination of studios and one-, two- and three-bedroom units with on-site parking. At the time of closing, the property was 90 percent occupied.
The Anna Street property is also a five-story elevator building with studios and one- and two-bedroom units. Amenities include new windows and on-site laundry. At the time of closing, the property was 100 percent occupied.
Financing for the properties on Jefferson Avenue and Anna Street was arranged by Elliott Treitel of Meridian Capital Group and Senior Vice President of Kislak Co. Joni Sweetwood represented the sellers, while Vice President Jonathan Greenberg represented the purchaser.