A multi-family property along the Delaware River has changed hands as the real estate market in New Jersey’s capitol city starts to heat up.
The Kislak Company recently announced the sale of Riverbank Commons, a 30-unit complex at 2030 Riverside Drive in Trenton. The company marketed the property on an exclusive basis, with executive vice president Barry Waisbrod handling the assignment on behalf of seller River Bank Rentals LLC.
Kislak partnered with Ten-X to facilitate an online managed bid auction for the plot. The winning bidder, NJ Mercer Investments Realty LLC, purchased the property for $3.05 million. Kislak also handled the prior sales of Riverbank Commons in 1987, 1998 and 2003.
“The seller is a longtime landlord with a large presence in Trenton and has been exchanging some of his smaller properties into larger suburban properties in southern New Jersey and eastern Pennsylvania,” Mr. Waisbrod commented. “This was an opportunity for him to acquire a clean property with upside in a nice section of Trenton not far from his other properties.”
Situated near the Trenton Country Club, Riverbank Commons is a three-story all brick apartment building on a quiet residential street along the Delaware River. The unit mix includes three efficiencies, 12 one-bedroom units and 15 two-bedroom units.
The property includes two parking lots with four driveways and many capital improvements have been undertaken in recent years.
