O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
VP’s Squires and Greenberg execute sale of five East Orange properties Kislak sells 222-unit New Jersey multifamily portfolio for $19.6 million
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to expand our growing pres- ence in the DC market and be part of this exciting neigh- borhood.” “We are so pleased to con- tinue our partnership with Toll Brothers, and that our second joint-venture is in Washington, DC, one of the gateway cities we’re focused on,” said AECOM Capital chief executive, John Liv- ingston . “With its close proximity to transit and the H Street corridor, we know this area is the next great neighborhood in the District.” The community is slated to open for residency in the spring of 2018 and is located at 200 K St. NE, Washington, DC 20002. n Elizabeth with garage parking under the building. “Maple Bay Estates is the most luxurious rental prop- erty I have ever seen built in Elizabeth,” said Squires. “The record-shattering price of almost $250,000 per unit illustrates the strong investor demand for quality properties in such close proximity to NYC. Our purchaser swiftly moved to closing on an all-cash basis.” The three-building portfolio sale includes 1970’s era garden apartment buildings with on- site parking located on North Ave., South Broad St. and Williamson St. Property sizes were 15, 18 and 11 residential units, respectively, with stu- dios, one-bedroom units and two-bedroom units. They have been meticulously maintained by the original developer. “Jeff Squires has sold more than 10 properties with hun- dreds of units for the family that sold the portfolio over the past few years,” said Holland. “These transactions often in- cluded record-breaking prices, both in terms of the overall price and the price per unit, earning our client’s confidence in Jeff and the Kislak team.” n
52 units; - 112 Lincoln St. with 44 units; - 17 Summit St. with 42 units and;
O O D B R I D G E , NJ — The Kislak Company, Inc. an-
HI-LIGHTS Nov. 25 - Dec. 8, 2016 Construction Management Design/ Build nounced the recent sale o f a p o r t - folio of five multifamily properties in East Orange, Essex Coun- ty for $19.6 million. The properties included in the sale were: - 49 Prospect St. with 53 units; - 60 North Arlington Ave. with
- 4 4 0 - 4 5 0 Prospect St. with 31 units. The portfo- lio sale is the largest multi- family sale in East Orange s i nc e 2012
Robert Squires Jonathan Greenberg
Washington, DC — Toll Brothers, Inc. through its Toll Brothers Apartment Living subsidiary, along with joint venture partner AE- COM Capital , announced the ground breaking of Union Place, a luxury apartment community located in the heart of Washington, DC. Nestled within NoMa and adjacent to the H Street corridor and Union Station, Union Place will stand 14 stories high and consist of 525 upscale apartments. “The H Street corridor and the NoMa neighborhood in DC are highly sought- after areas to live in,” said Charles Elliott , managing director, Toll Brothers Apart- ment Living. “We’re excited based on data available from CoStar. vce president Robert Squires represented the seller and vice president Jonathan Greenberg represented the purchaser. “This was an extraordinary sale in a very competitive mar- ket,” said Robert Holland , president. “The market for multifamily properties remains very strong throughout our core markets, especially northern New Jersey. East Orange is no exception with its strong rental market, low vacancies and close proximity to NYC. Rob and Jon did an exceptional job facilitat- ing this transaction and guiding it through to closing.” “There is huge demand for well-maintained apartment buildings in East Orange, espe-
49 Prospect St.
cially for those within walking distance of mass transit,” said Squires. “We brought this port- folio to a group we have worked with previously who were com- fortable closing a transaction of this size. The transaction progressed relatively smoothly and the buyer took advantage of today’s historically low inter- est rates.” Greenberg added, “There are new standards for pricing and cap rates as more and more properties trade. While this transaction was under contract, several other properties closed for higher prices, reconfirming the buyer’s understanding that East Orange has great poten-
tial for appreciation.” The Kislak Company, Inc. announced the recent sale of five multifamily properties in Elizabeth, for a total of $12.256 million. The three transactions include the sale of Maple Bay Estates, a 24-unit apartment building for $5.925 million; a three-building, 44-unit port- folio for $4.576 million; and a 20-unit mixed use property on Rahway Ave. for $1.755 million. Squires represented the seller and purchaser in each transaction. Maple Bay Estates is a newly-constructed, condomin- ium-quality apartment build- ing located on Maple Ave. in
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Cervelli Real Estate & Management LLC brokers sale of 2 multifamily properties in West NY
Toll Brothers Apartment Living & AECOM Capital to deliver luxury high-rise community
4B
St. John Properties earns 40th Leed Certification
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Union Place
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