The Kislak Company Inc. announced the sale of The Parc at Summit, a 57-unit garden apartment complex located at 26 Locust Drive in Summit for $22.15 million. The deal marks the largest multifamily sale in terms of both price and price per unit in Union County since 2022 and the largest multifamily sale in Summit in the past decade, according to data from CoStar.
Kislak marketed the property exclusively, with President Robert Holland and Managing Director Jeff Squires managing the assignment on behalf of the seller. Executive Vice President Joni Sweetwood procured the purchaser. Both the buyer and seller were not disclosed.
“This is a trophy property that I am proud to have helped sell twice now,” said Holland. “The transaction was an incredible team effort with Jeff, Joni, and both parties working seamlessly to ensure a successful closing.”
Premium Property in Prime Location
Built in 1950, The Parc at Summit is a two-story brick garden apartment complex consisting of 57 units spread across five buildings on 3.34 professionally landscaped acres. The property offers a mix of one- and two-bedroom apartments, as well as three-bedroom townhouses, with $1.5 million in recent capital improvements and unit upgrades.
Located less than half a mile from Summit’s vibrant and walkable downtown, which is listed on the National Register of Historic Places, the property benefits from proximity to award-winning restaurants, shops, and boutiques. It is adjacent to the recently renovated Albion Summit (formerly the Grand Summit Hotel) and within walking distance of the Summit Train Station, providing direct access to New York Penn Station and Hoboken Terminal.
Market Demand for High-Value Suburban Properties
“It is historically unprecedented for a property of this vintage to sell for nearly $400,000 per unit,” said Squires. “The Parc at Summit is a best-in-class property in one of New Jersey’s most desirable communities.”
Sweetwood added, “Properties of this size in top-tier NYC train towns rarely come to market, and competition among investors for this opportunity was extremely high.”
