Kislak sells 35-unit Sheridan Gardens in Roselle for $6.9M

Sheridan Gardens, a 35-unit multifamily property at 533 E. Second Ave. in Roselle, recently sold for $6.9 million, according to a Friday announcement from the Kislak Co.

Kislak marketed the property on an exclusive basis, with Executive Vice President Joni Sweetwood handling the assignment on behalf of the seller, Sheridan Estate Urban Renewal LLC, which is an affiliate of a longtime client. Sweetwood also procured the purchaser, Harrison Grove Holdings LLC.

Built in 1928, Sheridan Gardens is a four-and-a-half story brick elevator apartment building with 35 units on 0.23 acre with on-site gated parking and many recent improvements, including renovated apartments, new landscaping, a new entrance and bluestone walkway and LED lighting. The roof and all electrical, mechanical and plumbing systems were replaced within the last 20 years.

Sweetwood also handled the prior sale of the property to the seller in 2018. The offering included assumable financing and a long-term payment-in-lieu-of-taxes program.

“The seller and buyer and their teams were pros and a pleasure to deal with, which made the transaction move as quickly as possible, especially given the loan assumption and PILOT. The property condition also made the sale go quickly, as it passed the city inspection the first time without any violations,” Sweetwood said.

The property is conveniently located in suburban Roselle between Westfield Avenue and Warinanco Park in central Union Countym approximately 10 miles from Newark and 18 miles from New York City.