Kislak says luxury rental sale price sets Union County multifamily record

A new, 10-unit luxury rental community in Summit has sold for $6.25 million, according to real estate firm Kislak Co. Inc.

The townhouse community, known as the Broad Street Portfolio, includes five addresses at 150-158 Broad St., Kislak said in a news release. The $625,000-per-unit price was the highest ever for a multifamily property in Union County, the firm noted.

Senior Vice President Joseph Keenan handled the exclusive marketing assignment for Woodbridge-based Kislak, while Executive Vice President Joni Sweetwood procured the buyer. Neither the buyer nor the seller was identified.

“The strength of New Jersey’s transit-oriented suburban market could not be more apparent than 10 townhome-style rentals trading for $625,000 per unit,” Keenan said in a prepared statement. “This record price is underscored by the intense interest garnered from investors. A 10-unit property is generally smaller than the purchaser’s target. However, the location and the product were of such high quality that he could not pass on the opportunity.”

The portfolio was constructed in 2019 and units include two bedrooms and 2½ bathrooms.