The Kislak Co. announced the recent sale of a portfolio of affordable income-restricted multifamily properties in northern and central New Jersey for a total of $14.145 million.
Kislak marketed the properties on an exclusive basis, with Executive Vice President Matt Weilheimer handling the assignment. Weilheimer also procured three purchasers for the four properties. The parties were not disclosed.
The portfolio includes:
- Eagle View Apartments, 206 Joan Warren Way/402 Market St., Monroe Township, Middlesex County. 48 units. Sold for $7.275 million.
- The Hills at Rockaway, Parkview Lane in Rockaway, Morris County. 30 condominium units operated as rentals. Sold for $3.2 million.
- The Preserve at Matawan, Sloan Court in Matawan, Monmouth County. 31 condominium units operated as rentals. Sold for $2.37 million.
- Don’s Apartments, 660 South Orange Ave. in Livingston, Essex County. 12 units. Sold for $1.3 million.
“The availability of the portfolio presented a rare opportunity for investors to acquire 121 desirable affordable housing units in very strong northern and central Jersey locations,” Weilheimer commented. “The properties had between 17 and 27 years of affordability restrictions left on the initial terms. For many years, we saw a limited number of investors owning and operating in the affordable sector, but, now, especially given the need for affordable housing, the demand is increasing among investors including some who traditionally focused on market rate housing. We experienced this trend firsthand with our marketing and sale of the portfolio.”