Real Estate Journal — Owners, Developers & Managers — May 25 - June 7, 2018 — 7B
M id A tlantic
O wners , D evelopers & M anagers
amesburg, NJ — The Kislak Company, Inc. announced the $8.5 mil- Meridian arranges financing & Burton, Esq. of Schwartz Burton LLP rep. purchaser Lanni of The Kislak Co. facilitates Central Jersey apartment sale in high demand area J
at an all-time high.” “Dan did an excellent job orchestrating this off-market sale,” said Robert Holland , president. The property is a fully occu- pied, four-building apartment complex with on-site parking and consists of 10 studios, 38 one bedroom units, and 20 two bedrooms unit. In 2015, the roof was replaced and new sidewalk pavers were installed. Future plans for this value-add opportunity include renovation of the apartments, thereby increasing the rental income potential.
Noah Burton, Esq. of Schwartz Burton LLP rep- resented the purchaser and Tara Phelan Carver, Esq. of Giordano, Halleran & Ciesla , represented the seller. Meridian Capital Group (Meridian) arranged financ- ing for the transaction. Lanni joined Kislak in 2010 and specializes in the sale of multifamily and other invest- ment properties in central and northern New Jersey. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a vice presi- dent in 2014.
lion sale of T a l l T r e e Apartments, a 6 8 - u n i t mu l t i f am - ily property l o c a t ed a t 175 Buck - elew Ave. in Jamesburg.
Vice president Daniel Lan- ni represented the seller and purchaser in the first sale of this property in over 30 years at an aggressive 4.5% cap rate. Recently, Kislak also sold a combined 120 units to the purchaser. Highlighting Kislak’s rela- tionship to the seller and the high demand for multifamily properties in this region, Mr. Lanni said: “We previously sold more than 200 units for the seller and this was the last multifamily property in their portfolio. The experienced pur- chaser moved quickly and per- formed well to ensure a suc- cessful closing. The demand for multifamily properties in central New Jersey remains Cohen Investment Group expands multi-family holdings NORFOLK, VA — Cohen Investment Group (CIG) acquired The Taylor apart- ment community in Marietta, GA. Hugh Cohen , Cohen Investment Group’s president said, “This acquisition is a great addition which reflects the upward trajectory of the company and our portfolio.” The Taylor Apts. also adds another Southeastern state to the firm’s geographical footprint, accompanying a variety of assets in NC, SC, FL, and VA. The Taylor is a townhome and apartment community with amenities including a gym, pool, playground, and grilling stations. Floor plans consist of one, two, and three-bedroom units and will be managed by Strategic Management Partners of Atlanta to ensure the CIG “hands-on approach” is ex- tended to the property. The Taylor was mostly renovated throughout by the previous owner will allow CIG to make smaller amenity based im- provements, without a costly upgrade process.
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