Kislak inks $33.1 million sale of a 118-unit portfolio
CHATHAM, NJ — The Kislak Company Inc. announced the recent off-market sale of a three-building multifamily portfolio with a total of 118 units in Chatham, Morris County for $33.1 million. Vice president Joseph Keenan represented the seller and vice president Donald Baxter represented the purchaser. The portfolio includes Garden Court with 42 units at 500 Main St., Suburban Court with 38 units at 525 Main St., and Colonial Manor with 38 units at 550 Main St. The purchaser was Madison Hill Properties. The properties are located less than one mile from the Chatham train station and a NJ Transit bus service stop is directly in front of the properties.
“This was a wonderful story” said Keenan “The properties had been in the same family for over 60 years -- the parents of the sellers were the original builders. Identifying the purchaser and the negotiating the final purchase price were just a small part of the transaction. When you are selling a piece of someone’s family history, you must be able to build a trusting relationship with them in order to complete the sale. While the owners were long time landlords, they were first time sellers and it was Kislak’s hands-on approach throughout every aspect of the transaction that ensured a smooth and successful closing – one that all parties involved will speak favorably of for years to come.”
“This sale, although off market, was strewn with competition from other brokers and interested purchasers,” said Baxter. “I believe our success in closing the sale resulted from our relationships with the parties involved. In the end, it was a wonderful experience for the sellers, buyers and brokers. It was among the most gratifying sales of my career.”
At the time of closing, the properties were approximately 99% occupied. The seller was represented by James Ottobre of Bourne, Noll & Kenyon of Summit, NJ. The purchaser was represented by Jay Greenfield of A.Y Straus of Roseland, NJ. Financing was arranged by Elliot Treitel of Meridian Capital Group and provided by ConnectOne Bank through loan officer Michael Straus.