Kislak sells The Parc at Summit for $22.15 Million

Holland, Squires & Sweetwood arrange sale of 57-unit property in Summit, NJ

SUMMIT, NJ — The Kislak Company, Inc. announced the recent sale of The Parc at Summit, a 57-unit garden apartment complex at 26 Locust Dr. in Summit, Union County for $22,150,000.

Kislak marketed the property on an exclusive basis with president Robert Holland and managing director Jeff Squires handling the assignment on behalf of the seller. Executive vice president Joni Sweetwood procured the purchaser. The parties were not disclosed.

Holland and Kislak also arranged the prior sale of the property to the seller.

The sale is the largest multifamily sale in terms of price and price per unit in Union County, New Jersey since 2022 and the largest multifamily sale in Summit in at least 10 years according to data available from CoStar.

Built in 1950, The Parc at Summit is a two-story brick, garden apartment complex with 57 units in five buildings on 3.34 professionally landscaped acres. The property includes one- and two-bedroom units and three-bedroom townhouses and includes $1,500,000 in recent capital improvements and unit upgrades.

Located in the heart of Summit, New Jersey, the property sits less than one-half mile from Summit’s vibrant and walkable downtown, which is listed on the National Register of Historic Places. The city’s downtown is one of the most desirable in the tri-state area with a mix of local businesses, award winning restaurants, shops, and boutiques. The former Grand Summit Hotel, which is located next to the property, recently underwent a multimillion-dollar renovation and re-opened as the Albion Summit.

The property is a short walk to the Summit Train Station, a hub for the Morristown and Gladstone lines that provide direct passenger service to and from New York’s Penn Station and the Hoboken Terminal. The property is less than one mile from Overlook Medical Center, three miles from the Mall at Short Hills and 13 miles from Newark Liberty International Airport. It is minutes from highways and transportation.