Woodbridge, NJ — The Kislak Company, Inc. announced the recent sale of Riverbank Commons, a 30-unit multifamily property at 2030 Riverside Drive in Trenton, Mercer County, New Jersey, for $3,050,000.
Kislak marketed the property on an exclusive basis with Barry Waisbrod handling the assignment on behalf of the seller, River Bank Rentals, LLC, a longtime client. Kislak partnered with Ten-X to facilitate an online managed bid auction with successful results. The winning bidder, NJ Mercer Investments Realty, LLC, purchased the property.
Kislak also handled the prior sales of Riverbank Commons in 1987, 1998 and 2003.
Waisbrod said, “The seller is a longtime landlord with a large presence in Trenton and has been exchanging some of his smaller properties into larger suburban properties in southern NJ and eastern PA. The purchaser invests in real estate throughout mercer County. This was an opportunity for him to acquire a clean property with upside in a nice section of Trenton not far from his other properties.”
Riverbank Commons is a three-story all brick apartment building situated on a quiet residential street along the Delaware River. The unit mix includes three efficiencies, 12 one-bedroom units and 15 two-bedroom units. The property includes two parking lots with four driveways and many recent capital improvements.
“This auction sale was our third in Trenton in partnership with Ten-X,” said Jason Pucci, CEO.
“In each instance, Evan Koransky and his team at Ten-X did an excellent job from start to finish and all parties were pleased with the results.”
The prior sales included Tyler Apartments, a 26-unit multifamily property at 272 Tyler Street, that sold for $2,550,000 in July 2023 and a mixed-use property at 334 South Broad Street that sold for $575,000 in September 2022.
Trenton is the capital of New Jersey and the seat of Mercer County. It is located near the geographic center of the state approximately 66 miles southwest of New York City and 33 miles northeast of Philadelphia. As of the 2020 U.S. census, Trenton was the state's 10th-most populous municipality, with a population of 90,871.
Barry Waisbrod joined Kislak in 2001 and is consistently among the firm’s leading salespeople.
He specializes in the sale of multifamily and other investment properties throughout New Jersey and its neighboring states.