The Kislak Company, Inc. announced the $22.15 million sale of The Parc at Summit. The company marketed the property on an exclusive basis with President Robert Holland and Managing Director Jeff Squires representing the seller, while EVP Joni Sweetwood secured the purchaser. Neither the buyer nor the seller party was disclosed.
According to CoStar data, the sale was the biggest multifamily transaction in terms of price and price per unit in Union County since 2022 and the biggest multifamily sale in Summit for a decade.
“This is a trophy property that I am proud to have helped sell twice now,” commented Kislak’s Holland “The transaction was an incredible team effort with Jeff, Joni, the seller, purchaser and their teams working well together to ensure a successful closing.”
Located at 26 Locust Drive in Summit, the 57-unit garden apartment community was built in 1950 and consists of five two-story brick buildings spread across 3.34 acres. The professionally landscaped property includes one- and two-bedroom apartments and three-bedroom townhouses. The complex has recently undergone $1.5 million in upgrades and capital improvements.
“It is historically unprecedented for a property of this vintage to sell for nearly $400,000 per unit, noted Squires “The Parc at Summit is a best-in-class property in one of New Jersey’s most sought-after locations.”
Situated just minutes from historic downtown Summit, The Parc at Summit is a short walk to fine dining, shopping, and local businesses. Residents also have easy access to the Summit Train Station and it’s minutes from highways including the Garden State Parkway, New Jersey Turnpike and Interstate 78. Local schools are among the best in the state and Summit was recently named the wealthiest suburb in New Jersey by GOBankingRates.com. The average household income is $291,509 and the typical home value is $1,250,000.
“Properties of this size in the ‘best’ NYC train towns rarely come on the market and many investors competed for the opportunity to acquire it” added Sweetwood.
Kislak, founded in 1906, is a commercial real estate brokerage firm headquartered in Woodbridge. Its client base includes individual investors and owners, REITs, partnerships, and financial institutions. Kislak provides market coverage in New Jersey, New York, Pennsylvania, Delaware, and Florida.
