The Kislak Company has brokered the sale of five multifamily properties in Elizabeth, N.J. for a total of $12.3 million. Kislak vice president Jeff Squires, who specializes in the sale of multifamily and other investment properties, represented both seller and purchaser in each of the three transactions.
Maple Bay Estates, which sold for $5,925,000, is a newly-constructed luxury apartment property with 24 two- to three-bedroom units. Three 1970s-vintage garden-style apartment properties sold as a portfolio for $4.6 million, and a 20-unit mixed-use property sold for $1.8 million.
The Maple Bay Estates and the three-property portfolio both sold for unprecedented amounts with consideration to their location, quality, and age, according to Squires. As for the portfolio properties, “The buildings are among the most attractive garden apartment properties in the city and the $104,000 per unit price is unprecedented for this vintage in Elizabeth,” Squires said.
Squires has a long-standing business relationship with the seller, through whom he has sold more than 10 properties and hundreds of units over the past few years.