Jamesburg, NJ — The Kislak Company, Inc. announced the $8.5 million sale of Tall Tree Apartments, a 68-unit multifamily property located at 175 Buckelew Ave. in Jamesburg in Middlesex County – the state’s second most populous county.
Vice president Daniel Lanni represented both the seller and purchaser in the first sale of this property in over 30 years at an aggressive 4.5% cap rate. Recently, Kislak sold a combined 120 plus units to the purchaser.
Highlighting Kislak’s relationship to the seller and the high demand for multifamily properties in this region, Mr. Lanni said: “We previously sold 232 units for the seller and this was the last multifamily property in their portfolio. The experienced purchaser moved rapidly and performed flawlessly with an outcome satisfactory to all parties. The demand for multifamily properties in central New Jersey remains at an all-time high.”
“Dan did an excellent job handling this off-market sale,” said Robert Holland, president.
The property is a fully occupied, four-building apartment complex with on-site parking and consists of 10 studios, 38 one bedroom units, and 20 two bedrooms unit. In 2015, the roof was replaced, and sidewalk pavers were installed. Future plans for this value-add opportunity include renovation of the apartments, thereby increasing the rental income potential.
Noah Burton, Esq. of Schwartz Burton LLP represented the purchaser and Tara Phelan Carver, Esq. of Giordano, Halleran & Ciesla, represented the seller. Meridian Capital Group provided the funding for the transaction.
Daniel Lanni joined Kislak in 2010 and specializes in the sale of multifamily and other investment properties in central and northern New Jersey. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a vice president in 2014.