Sunnyfield Gardens Apartments, a 120-unit multifamily property in Linden, sold for $20.5 million, the Kislak Co. announced Wednesday.
The property, located at 315-441 Academy Terrace in the East Falls section of Linden, is a two-story brick apartment complex built in 1947, with on-site parking for 100 cars. The property includes 82 one-bedroom/one-bathroom apartments and 38 two-bedroom/one-bathroom apartments, all with separate entrances and dining areas.
Minutes from Wilson Park and Linden High School, the property is just 1 mile from the Linden Train Station, two blocks from restaurants, big-box retail stores and other shopping.
Kislak Senior Vice President Jeff Squires marketed the property for the seller, S.G.A. LLC, and he also procured the purchaser, an affiliate of Cammeby’s International.
Sunnyfield Gardens Apartments is a legacy property that was purchased from the original developer in 1950 and owned by the same family for three generations spanning 70 years. Squires previously sold Rachel Gardens, a 764-unit property in Montville, to the same purchaser.
“Sunnyfield Gardens is the exact type of family-owned legacy property that is most sought after by our investor clients,” Squires said. “There has been an influx of former New York City renters to the area, and the purchaser will benefit from the property’s massive value-add potential. There was tremendous demand during our brief and exclusive marketing period and the property ultimately sold at a sub-4% cap rate to the purchaser, who closed in 30 days from contract signing.”