Mosaic on Main, a new luxury multifamily property located in Bound Brook, New Jersey recently sold for $22 million. The Kislak Company, Inc. marketed the building, which offers 63 units and one retail space.
The record sale price represents the highest price achieved for a multifamily property in Somerset County, New Jersey in 2022 according to data available from CoStar.
The property, located at 7-15 West Main Street, is a five-story elevator building and is newly constructed. The location is close to the Bound Brook train station, restaurants, and shopping, as well as The Rail at Bound Brook, which is currently under construction. It also included a 15-year PILOT program.
Kislak exclusively marketed the property with executive vice president Joni Sweetwood handling the assignment on behalf of the seller, West Main St. Urban Renewal, LLC, an affiliate of Reynolds Asset Management. Senior vice president Robert Squires procured the buyer, K&A Associates, LLC, that completed an I.R.C. Section 1031 like-kind exchange with the purchase. Financing was arranged by M. Tuck Capital Associates.
Ms. Sweetwood stated, “This was an excellent opportunity in a desirable transit-oriented location and the transaction proceeded relatively smoothly given the motivation of the parties. The seller completed the development with the intention of selling it and the purchaser needed an exchange.”
Mr. Squires added, “The demand for new multifamily properties remains extremely strong. In this case, we were able to successfully complete an exchange of a 1960s garden apartment complex into this brand-new Class A building. New buildings require much less maintenance and are generally less management intensive.”