The Kislak Co. announced the recent sale of a 10-building portfolio of multifamily properties with 324 units and two cell towers in Elizabeth for $50 million.
The sale is the highest priced multifamily sale in Union County since 2020 and the highest priced multifamily sale ever in Elizabeth, according to data available from CoStar.
Kislak marketed the properties on an exclusive basis, with Executive Vice President Joni Sweetwood managing the assignment on behalf of the seller, to whom she previously sold several of the properties. Sweetwood also procured the purchaser. The parties were not disclosed.
“This was an extraordinarily rare opportunity to acquire several hundred units in well-maintained buildings with upside in one of the best areas in Elizabeth, which is consistently one of the strongest rental markets in northern New Jersey,” Sweetwood commented. “The demand among interested investors was strong and resulted in a bidding war for the portfolio.”
The portfolio includes the following properties in and around the desirable Elmora section of Elizabeth:
- 327-333 Elmora Ave., 47 units;
- 750-758 Jersey Ave., 45 units;
- 708-722 Westfield Ave., 41 units;
- 824-836 Jersey Ave., 40 units;
- 346-352 Elmora Ave., 30 units;
- 1254-1258 Waverly Place, 29 units;
- 137-141 W. Jersey St., 28 units;
- 845-851 Jersey Ave., 23 units;
- 437-443 Elmora Ave., 23 units;
- 24-30 Stiles St., 18 units.
All of the buildings are within close proximity of each other.
The unit breakdown includes 26 studios, 234 one-bedroom units, 60 two-bedroom units and six three-bedroom units.