Mid Atlantic Real Estate Journal — Brokerage Directory — July 26 - August 15, 2013 — 7C
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B rokerage D irectory
OODBRIDGE, NJ — The Kislak Com- pany, Inc. recently Gralla leads sales of 73 apartments, a medical office building and land for development Kislak completes $7.8 million sale of five investment properties in Northern New Jersey W
purchaser. “The sellers are longtime Kislak clients with whom we closed a number of transac- tions,” said Sweetwood. “They engaged us on an exclusive basis to market and sell the property and Julie was instru- mental in procuring a pur- chaser in search of multifamily properties in Plainfield.” “The market has been improving steadily in Plainfield and the purchaser intends to continue improving the property and realizing its upside potential,” added Gralla. The seller was represented
by Edward Bortz, Esq. and the purchaser was represented by Linda Serrano, Esq. Financ- ing was provided by TriState Capital Bank. At the time of closing, the property was 97% occupied. Brady Park Apartments is a 12-unit, one-story all brick garden apartment complex. Sales associate Joseph Keen- an represented the seller and Gralla represented the pur- chaser. “The sellers are longtime Kis- lak clients and this is the third transaction that we completed continued on page 28C
announc ed the sale of five invest- ment proper- ties through- out northern New Jersey t o t a l i n g $7,846,000. The transac-
Julie Gralla
tions include the $2,900,000 sale of Bell ManorApartments, a 24-unit multifamily property in Belleville; the $2,000,000 sale of Settles Place, a 37- unit multifamily property in Plainfield; the $1,175,000 sale of Brady Park Apartments, a 12-unit multifamily property in Jefferson Twp.; the $936,000 sale of 0.35 acre of land for development in Millburn; and the $835,000 sale of a 5,275 s/f medical office building in Belleville. “The market for multifamily and other investment prop- erties in desirable locations throughout northern New Jer- sey remains very strong,” said Robert Holland, president and co-managing director. “Each of these properties represented an opportunity for investors to acquire a strong and stable property in a very sought-after area. Julie and our team did an excellent job.” Bell Manor Apartments is a 24-unit all brick garden apart- ment complex. Sales associate Julie Gralla represented the seller and vice president Rob- ert Squires represented the purchaser. “The seller engaged us on an exclusive basis, which en- abled us to widely market it and find the right purchaser,” said Gralla. “The more than $120,000 per unit sale price is a testament to the desirability of the property and strength of the multifamily market.” “A property like this is very difficult to acquire given the increased demand and lack of supply,” added Squires. “The purchaser plans to upgrade the property and maintain it in their portfolio.” Financing was provided Boil- ing Springs Bank. At the time of closing, the property was 100% occupied. Settles Place is a 37-unit, three and one-half story all brick apartment building Se- nior vice president Joni Sweet- wood represented the seller and Gralla represented the
Bell Manor Apartments
CELEBRATING OUR 107 TH YEAR Investment Real Estate Brokerage
Recent Multifamily Sales
133 Residential Units $8,935,000 Whitehall, Pennsylvania
96 Residential Units $5,798,685 Reading, Pennsylvania
98 Residential Units $5,350,000 Trenton, New Jersey
Elizabeth, New Jersey 95-Unit Portfolio $5,025,000
2.23 Acres of Land for Multifamily Development $3,600,000 North Bergen, New Jersey
50 Residential Units $2,375,000 Trenton, New Jersey
multifamily. retail. office.
www.kislakrealty.com 732 750 3000
The Kislak Company, Inc.
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