A 10-building portfolio of multifamily properties consisting of 324 units and two cell towers was recently sold for $50 million in Elizabeth, New Jersey.
All of the buildings are located in close proximity to each other in the Elmora section of Elizabeth. The unit breakdown encompassed 26 studios, 234 one-bedroom units, 60 two-bedroom units, and 6 three-bedroom units.
The properties included in the sale were 327-333 Elmora Avenue with 47 units, 750-758 Jersey Avenue with 45 units, 708-722 Westfield Avenue with 41 units, 824-836 Jersey Avenue with 40 units, 346-352 Elmora Avenue with 30 units, 1254-1258 Waverly Place with 29 units, 137-141 West Jersey Street with 28 units, 845-851 Jersey Avenue with 23 units, 437-443 Elmora Avenue with 23 units, and 24-30 Stiles Street with 18 units.
The Kislak Company, Inc. marketed the properties on an exclusive basis. Executive vice president Joni Sweetwood organized the sale, representing the undisclosed seller and procuring the undisclosed buyer.
Ms. Sweetwood commented, “This was an extraordinarily rare opportunity to acquire several hundred units in well-maintained buildings with upside in one of the best areas in Elizabeth, which is consistently one of the strongest rental markets in northern New Jersey. The demand among interested investors was strong and resulted in a bidding war for the portfolio.”