Kislak sells 30-unit multifamily in Trenton via auction for $3.05M

The Woodbridge-based Kislak Co. on Monday said it recently sold Riverbank Commons, a 30-unit multifamily property in Trenton, for $3.05 million.

Kislak marketed the property on an exclusive basis, with Executive Vice President Barry Waisbrod handling the assignment on behalf of the seller, River Bank Rentals LLC, a longtime client.

Kislak partnered with Ten-X to facilitate an online managed bid auction with successful results. The winning bidder, NJ Mercer Investments Realty LLC, purchased the property.

Kislak also handled the prior sales of Riverbank Commons in 1987, 1998 and 2003.

“The seller is a longtime landlord with a large presence in Trenton and has been exchanging some of his smaller properties into larger suburban properties in southern New Jersey and eastern Pennsylvania. The purchaser invests in real estate throughout Mercer County. This was an opportunity for him to acquire a clean property with upside in a nice section of Trenton not far from his other properties,” Waisbrod said.

Located at 2030 Riverside Drive, Riverbank Commons is a three-story all-brick apartment building situated on a quiet residential street along the Delaware River. The unit mix includes three efficiencies, 12 one-bedroom units and 15 two-bedroom units. The property includes two parking lots with four driveways and many recent capital improvements.

“This auction sale was our third in Trenton in partnership with Ten-X,” Jason Pucci, Kislak’s CEO, said. “In each instance, Evan Koransky and his team at Ten-X did an excellent job from start to finish and all parties were pleased with the results.”

The prior sales included Tyler Apartments, a 26-unit multifamily property at 272 Tyler St. that sold for $2.55 million in July, and a mixed-use property at 334 S. Broad St. that sold for $575,000 in September 2022.