Woodbridge-based the Kislak Co. on Thursday said it recently sold a 20-unit multifamily property at 1251 Milton Place in Plainfield for an undisclosed price.
Kislak marketed the property on an exclusive basis, with Vice President Julie Gralla handling the assignment on behalf of the seller, Milton Terrace Holdings, to whom she previously sold the property. Executive Vice President Joni Sweetwood procured the purchaser, which was not disclosed.
“It was a pleasure to work with the seller, whom I had previously represented as a buyer for this property,” Gralla stated. “Given my long and memorable history with the property, it was important that I arranged its sale. The seller engaged us on an exclusive basis, which enabled us to achieve a high per-unit price.”
Milton Terrace Apartments is a two-story garden apartment complex built in 1970. It consists of two buildings totaling 16,825 square feet with 20 two-bedroom units with separate utilities. The complex offers on-site parking in a quiet, secluded neighborhood.
Within the last eight years, the seller made significant updates to the property: new roofing and siding; new windows and HVAC units in a majority of the units; a new drainage system; and renovation of half of the units. The property offers great upside, given the potential in rents. Located within three miles of banks, restaurants, big box retail stores, supermarkets and schools, the complex is near parks, recreational facilities and hospitals. Route 22 and Interstate 78 are also easily accessed within minutes from the property.