Union and Monmouth county, NJ — The Kislak Company, Inc. announced the recent sale of Elizabeth Towers, a 193-unit high-rise apartment building at 315 West Grand St. in Elizabeth, Union County, for $14.3 million.
Kislak marketed the property on an exclusive basis with senior vice presidents Joseph Keenan and Jeff Squires handling assignment on behalf of the seller, MMH II, LLC – Marshall & Moran Inc. Executive vice president Joni Sweetwood procured the purchase, Elizabeth Towers TG, LLC, an affiliate of a longtime client.
Elizabeth Towers is a well-maintained 13-story senior housing building with 193 income and age restricted-units pursuant to the HUD Section 236 Rental Assistance Program and a PILOT program.
Situated in the desirable Elmora section of Elizabeth, the elevator building houses 72 studios, 120 one-bedroom units, and one two-bedroom apartments, most of which are subsidized. Amenities include a concierge service and on-site parking.
The building was fully occupied with a waiting list at the time of the sale. Additional rental income from seven rooftop antennas allowed tenant rents to be kept below market, along with the HUD subsidies. Lending for the sale was financed by New York Community Bank.
The Kislak Company, Inc. announced the following recent multifamily sales in Monmouth County:
• Steiner Ocean Apartments, 36 units at 65 Steiner Ave. in Neptune City for $6.55 million;
•20 units at 14-32 Hancock St. in Keansburg for $3 million; and
• 8 units at 2-16 George St. in Neptune for $1.075 million.
Kislak marketed the properties, the first two exclusively, with senior vice president Daniel Lanni managing each assignment. He also procured the purchaser of each property.
Steiner Ocean Apartments, which was available for the first time in 35 years, consists of three, two-story, garden style buildings with a total of 36 units, all also with private entrances and onsite parking. Under market rents provide a value-add opportunity for the purchaser.
Noting the current trend in the market, Lanni remarked: “In the 12 years I have been selling investment real estate in Monmouth County, there has never been a better market. Those who resisted selling in the past are now compelled given the incredible investor demand and continued cap rate compression. Investors are liquid and there has never been a better opportunity for a seller to achieve top dollar. We had multiple bidders on these deals and efficiently serviced them from start to finish.”