FAIRFIELD, NJ — The Kislak Company, Inc. announced the recent sale of Magnolia Lane Luxury Apartments, a new apartment complex with 34 units located at 60 Passaic Avenue in Fairfield, Essex County for $13.8 million.
Kislak marketed the property on an exclusive basis on behalf of the seller with executive vice president Joni Sweetwood handling the assignment. Sweetwood also procured the purchaser who was completing an I.R.C. Section 1031 like-kind exchange. The seller engaged Kislak and Sweetwood and as a result of her success with the recent nearby record sale of The Preserve in West Caldwell.
The sale of Magnolia Lane Luxury Apartments is the single largest sale of a multifamily property ever in Fairfield, New Jersey based on data available from CoStar.
"Essex County is among the strongest rental markets in New Jersey," said Sweetwood. "Given the area's growing rental population and increasing demand for luxury housing, Magnolia Lane presented an exceptional opportunity for an investor to own one of the premier luxury rental properties in suburban Essex County near public transit and with easy access to Rtes. 80, 46 and 280 and only 20 miles from midtown Manhattan. The property appeals particularly to young couples and ‘empty nesters’ who feel the units are like individual homes but without the headaches.”