NEW JERSEY—A private investor has paid $2.7 million to acquire Larchmont Manor, a 33-unit garden apartment complex located in Union. The Kislak Company Inc.’s Andrew Jonas, vice president, represented the sellers, and Sales Associate Andrew Scheinerman represented the purchaser in the transaction. Both parties are private investors and long-time Kislak clients.
Constructed in 1953, Larchmont Manor consists of 33 one- and two-bedroom apartments in two brick buildings and offers tenants hardwood floors and Thermopane windows, as well as off-street parking. Located close to the Union downtown are, the complex is in close proximity to Springfield and Millburn, Routes 22, 24, 78 and the Garden State Parkway.
“Within one week of purchasing the property, it was fully occupied, up from 92 percent at closing” said Scheinerman. “Area demand is very strong. The purchaser will continue to upgrade the property and raise rents. Landscaping improvements and bathroom renovations are already underway.”
Financing was provided by Oritani Bank. The seller was represented by Richard Kelin of Feinstein, Raiss, Kelin & Booker L.L.C. and the purchaser was represented by Alan Hammer and M. Sidney Donica of Brach Eichler L.L.C.