The Woodbridge-based Kislak Co. recently sold Mosaic on Main, a new luxury multifamily property with 63 units and one retail space at 7-15 W. Main St. in Bound Brook, for $22 million, according to a Wednesday announcement.
Kislak marketed the property on an exclusive basis, with Executive Vice President Joni Sweetwood handling the assignment on behalf of the seller, West Main St. Urban Renewal LLC, an affiliate of Reynolds Asset Management, which is a longtime client.
Senior Vice President Robert Squires procured the purchaser, K&A Associates LLC, another longtime client that completed a Section 1031 like-kind exchange with the purchase. Financing was arranged by M. Tuck Capital Associates. The sale price represents the highest price achieved for a multifamily property in Somerset County in 2022, according to data available from CoStar.
Sweetwood commented: “This was an excellent opportunity in a desirable transit-oriented location, and the transaction proceeded relatively smoothly given the motivation of the parties. The seller completed the development with the intention of selling it and the purchaser needed an exchange.”
Squires added: “The demand for new multifamily properties remains extremely strong. In this case, we were able to successfully complete an exchange of a 1960s garden apartment complex into this brand-new Class A building. New buildings require much less maintenance and are generally less management-intensive.”
The property is a newly constructed ﬁve-story elevator building with 63 market-rate units and one retail space located steps from the Bound Brook train station, restaurants and shopping. It includes a 15-year PILOT program.
Bound Brook is a borough in Somerset County located along the Raritan River approximately 35 miles southwest of Lower Manhattan. Somerset County is located in the north-central part of New Jersey and consistently ranks highly among the wealthiest counties in the U.S.