Woodbridge-based The Kislak Company Inc. announced Tuesday the sale of an apartment complex in Fairfield for $13.8 million.
The Magnolia Lane Luxury Apartments are a new apartment complex with 34 units located at 60 Passaic Ave, Kislak said.
Kislak said it marketed the property exclusively on behalf of the seller with Joni Sweetwood, executive vice president, handling the assignment. Sweetwood also procured the buyer.
“Essex County is among the strongest rental markets in New Jersey,” Sweetwood said. “Given the area’s growing rental population and increasing demand for luxury housing, Magnolia Lane presented an exceptional opportunity for an investor to own one of the premier luxury rental properties in suburban Essex County near public transit and with easy access to Routes 80, 46 and 280 and only 20 miles from midtown Manhattan. The property appeals particularly to young couples and ‘empty nesters’ who feel the units are like individual homes but without the headaches.”
Built in 2018, the property has 34 luxury units throughout four buildings on 2.66 acres. Each unit has a kitchen with quartz countertops, glass backsplashes and stainless steel appliances. Other amenities include private entrances, high ceilings, washer and dryers, patios or balconies, and more.