The Kislak Co. announced Wednesday the recent sale of a multifamily portfolio of five properties in Union County for $15 million.
The properties:
- A 33-unit property at 435 West End Ave. in Elizabeth;
- A 28-unit property at 1247 Clinton Place in Elizabeth;
- A 32-unit property at 233-241 W. Grand St. in Elizabeth;
- A 17-unit property at 129 W. Grand St. in Elizabeth;
- A 10-unit property at 1500 Liberty Ave. in Hillside.
Kislak marketed the portfolio on an exclusive basis, with Senior Vice President Jeff Squires handling the assignment. He also procured the purchaser. The parties were not disclosed. Funding for the current sale was provided by Walker & Dunlop.
“We were hired on an exclusive basis by a family of multigenerational owners who owned and managed these buildings for over 30 years,” Squires said. “The current rents are about 30% under today’s fair market value, which provides an exceptional opportunity for the new owners.”
In the last 12 months, Squires has completed five multifamily sales with 546 units in the Elizabeth market. Among them was a similar portfolio in the Elmora section of Elizabeth known as Cherry Pines for $17.5 million.
