Kislak sells 106 units in Union County for $17M

Woodbridge-based The Kislak Co. Inc. has sold 106 multifamily units in Union County for $17 million, it announced Wednesday.

The recent sales include: Riverside Gardens on Riverside Drive in Cranford for $11.3 million; and 43 units on West Third Avenue and 17 units on Walnut Street in Roselle for $5.7 million.

Kislak said it marketed the property exclusively.

Jeff Squires, senior vice president, handled the assignments and procured the buyers.

“Riverside Gardens was an unusual opportunity for an investor to acquire one of the largest and most exclusive apartment communities in the municipality.” Squires said.

Riverside Gardens consists of four, three-story brick buildings with nine standard one-bedroom apartments, 29 large one-bedroom apartments and eight two-bedroom apartments. The property also has 14 detached garages, parking spaces and onsite laundry in each building.

The property on West Third Avenue has two brick buildings with 14 studios and 29 one-bedroom units. The property on Walnut Street consists of two studios, 12 one-bedroom units, two two-bedroom units and one three-bedroom unit.

“Roselle is a tremendous rental market where apartment building owners will often hold multifamily assets across several generations. This 43-unit sale marks the largest multifamily transaction with the most units sold in the city in well-over 10 years,” Squires said.