The Kislak Company Inc. announced Monday the recent completion of a three-property I.R.C. Section 1031 like-kind exchange for $33.3 million in New Jersey and Pennsylvania.
The exchange involved the following deals:
- $5.3 million sale of Ausonia Apartments, a five-story, 26-unit mixed-use property located at 501-505 Raritan Ave. in Highland Park;
- The $8 million sale of Arbor Grove Apartments, a two-story, 104-unit multifamily property located at 957 and 960 Hale St., North Warren and 990 Washington St. in Pottstown, Pennsylvania;
- The $20 million sale of Castle Club Apartments, a two-story, 148-unit multifamily property located at 254 West Trenton Ave. in Morrisville, Pennsylvania.
The seller of Austonia and Arbor Grove purchased Castle Club, Kislak said. The seller of Castle Club was RRG Castle Club Apartments L.P. and the buyer was New Austonia LLC and New Belmont LLC.
Justin Lupo, vice president at Kislak, handled the assignments on behalf of Austonia Apartments Partnership GP and Belmont Apartments Partnership LLC. He also procured the buyer for 501 Raritan Ave LLC and Arbor Grove Realty LLC and arranged the sale of the Castle Club.
“This series of transactions is a clear demonstration of the importance of Kislak’s real estate advisory role in the multifamily investment market,” Lupo said.
“The sellers of Ausonia and Arbor Grove made a strategic decision to market the properties with us on an exclusive basis, subject to an exchange. Concurrently with our marketing program, it was imperative to leverage our client relationships in order to identify an ideal exchange property. The purchasers of Arbor Grove and Ausonia also trusted our ability to complete the sales in a timely manner. The sellers of Castle Club, who also have a long term relationship with Kislak, understood the importance of satisfying the exchange as the timing provided an opportunity for a quick and quiet disposition of their asset.”
