M id A tlantic Real Estate Journal — New Jersey — October 2026 — 23
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N ew J ersey
President Holland & S.V.P. Keenan arrange exclusive sale of 48 units in Warren County Kislak sells Southgate apartments in Phillipsburg, NJ for $7.5 Million
HILLIPSBURG, NJ — The Kislak Compa- ny, Inc. announced the recent sale of Southgate Apartments, a 48-unit garden-style apartment community located at 100 Arrow- head Court in Phillipsburg, Warren Coun- ty, for $7.5 million. Kislak marketed the prop- erty on an exclusive basis on behalf of the longtime owner with president Robert Hol- land and senior vice president Joseph Keenan handling the assignment, Keenan also procured the purchaser. The parties were not disclosed. Southgate Apartments is a well-maintained 48-unit mul- tifamily property that offers spacious apartments with in- unit washers and dryers, gas heat, central air conditioning, balconies, and ample on-site parking. Many units have been upgraded with newly remodeled kitchens featur- ing stainless steel appliances and luxury plank flooring. With strong occupancy and average rents estimated to be 15% to 20% below market, the property provided stable in- place income and significant value-add potential through continued unit renovations and future rental growth. The property had been owned by the seller, a long- time Kislak client, for ap- proximately 40 years. During that time, the ownership maintained the property in excellent physical condition while keeping rents well below market, creating a compelling investment op- portunity for buyers seeking operational upside. Kislak’s marketing cam- paign generated significant interest, attracting eight property tours and nine com- petitive offers. Three of the offers were within 95% of the final purchase price, demon - strating the depth of demand for quality multifamily as- sets with meaningful value- add potential. Keenan said, “The strong response to our marketing cam- paign highlights the continued demand for well-located mul- tifamily properties that offer the opportunity to create value through thoughtful capital P
improvements and opera- tional enhancements. South- gate Apartments is a classic
received the firm’s Rookie of the Year award in 2008 and was promoted to a senior vice president in 2019. Keenan’s investment sales total more than $300 million. Robert Holland joined Kis- lak in 1984, is one of the firm’s all-time leading sales producers and became Presi- dent in 2012. In addition to overseeing the company and managing a team of sales- people, he specializes in the sale of multifamily and other investment properties with a primary focus in central and eastern Pennsylvania. MAREJ
value-add investment. The property was excep- tionally well maintained by a long- term owner, but rents re- mained be-
Robert Holland Joseph Keenan
low market. The buyer rec- ognized the opportunity to renovate units as they turn over, enhance the property’s curb appeal and create new
Southgate Apartments
tenant amenities, which will ultimately increase the prop- erty’s long-term value.” Joseph Keenan joined Kislak
in 2006 and specializes in the sale of multifamily and other investment properties through- out northern New Jersey. He
EXCLUSIVE PROPERTIES FOR SALE
West New York, NJ 30 Units + 4 Retail Tom Scatuorchio ext 255
Ridgefield Park, NJ 29 Residential Units Don Baxter ext 265 Michael Salomon ext 243
Ewing, NJ 20 Units + 3 Commercial Tom Scatuorchio ext 255 Matt Weilheimer ext 253
Paterson, NJ 7,350 SF Commercial Joseph Keenan ext 256
Bound Brook, NJ 13,200 SF Warehouse/Event Hall or Redevelopment Max Levinston ext 308
Hazlet, NJ 0.81 Acre Development for 4 Units + 4 Offices Matt Weilheimer ext 253
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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