The Kislak Company, Inc. recently announced the sale of legacy property Sunnyfield Gardens Apartments in Linden, Union County, New Jersey, for $20,500,000.
The 120-unit multifamily property is located at 315-441 Academy Terrace, one mile from the Linden train station, and spans five acres in the East Falls neighborhood.
Sunnyfield Gardens Apartments is a two-story brick apartment complex built in 1947 consisting of 82 one-bedroom/one-bath apartments and 38 two-bedroom/one-bath apartments. All the apartments have separate entrances and there is also on-site parking for 100 cars. The legacy property was acquired from the original developer in 1950 and owned by the same family over three generations spanning 70 years.
Kislak’s Senior Vice President Jeff Squires marketed the property on an exclusive basis on behalf of the seller, S.G.A., LLC. He also procured the purchaser, an affiliate of Cammeby’s International.
The seller’s attorney was Michael Jones of Cole Schotz PC and the purchaser’s attorney was Steven Fleissig of Greenberg Traurig, LLP.
“Sunnyfield Gardens is the exact type of family-owned legacy property that is most sought after by our investor clients,” said Mr. Squires. “There has been an influx of former New York City renters to the area, and the purchaser will benefit from the property’s massive value-add potential. There was tremendous demand during our brief and exclusive marketing period and the property ultimately sold at a sub-4% cap rate to the purchaser who closed in 30 days from contract signing.”
The Kislak Company, Inc. is a commercial real estate brokerage firm headquartered in Woodbridge, New Jersey.