Woodbridge-based The Kislak Company Inc. announced the recent $5.2 million sale of an multifamily apartment property in Jamesburg.
The property, known as the Colletti Terrace Apartments, is comprised of 44 units and is located at 192 Docks Corner Road in Monroe Township.
Daniel Lanni, vice president at Kislak, arranged the sale and represented both the buyer, a private investor, and seller, Colletti Terrace LLC.
“The owners knew I had just sold 68 units in Jamesburg for a record price and gave me the opportunity to bring them an aggressive offer for Colletti Terrace. We quickly negotiated favorable terms and went to contract with a respected client,” Lanni said.
The two-story building has studios, one- and two-bedroom units with balconies. It is within close access to the New Jersey Turnpike Exit 8A, Rutgers University in New Brunswick and Routes 18 and 1.
“The buyers plan on upgrading the units and bringing the rents to market with future renovations of kitchens and bathrooms also planned,” Lanni said.
Financing for the deal was provided by ConnectOne Bank. When the deal was finalized, the property was 100 percent occupied.