The Kislak Company on Wednesday announced the recent sale of two multifamily properties in Trenton for a combined total of $6.2 million.
Belleview Commons Apartments, located at 328 Bellevue Ave., with 24 units, sold for $2,850,000; and Parkside Commons, located at 883-887 Parkside Ave., with 33 units, sold for $3,326,000.
Kislak marketed the properties on an exclusive basis with executive vice president Barry Waisbrod handling the assignment on behalf of the sellers, Belleview Commons, LLC and Parkside Commons, LLC, affiliates of a longtime client.
Kislak partnered with Ten-X to facilitate an online managed bid auction with successful results. Separate winning bidders, both of which are locally based private investors, purchased the properties. The parties’ names were not disclosed.
“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 purchasers invest in real estate throughout Mercer County. This was an opportunity for them to acquire clean properties with upside in a nice section of Trenton not far from their other properties,” Waisbrod commented.
Both properties are three-story brick apartment complexes with 24 units at Belleview Commons Apartments and 33 units at Parkside Commons that include a mix of studios and one-and two-bedroom units.
The properties include large parking lots and recently underwent many improvements and system upgrades.
“These auction sales were our fourth and fifth in Trenton in partnership with Ten-X,” Jason Pucci, 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.”
Trenton is the capital of New Jersey and the seat of Mercer County. It is located near the geographic center of the state approximately 66 miles southwest of New York City and 33 miles northeast of Philadelphia. As of the 2020 U.S. census, Trenton was the state’s 10th-most-populous municipality, with a population of 90,871.
