Demonstrating continued investor appetite for well-located infill assets in New Jersey’s transit hubs, SAGE Investment Real Estate Advisors (SAGE) has successfully brokered the $5 million sale of Colonial House Apartments, a 43-unit multifamily community located at 128-144 Westfield Ave. in Elizabeth.
SAGE Partner and Co-Founder Steve Tragash exclusively represented the seller—a multi-generational family ownership group—and procured an unnamed all-cash private investor for the transaction.
Built in phases between 1959 and 1964, Colonial House comprises three classic, all-brick, three-story residential buildings. The property features a diverse unit mix consisting of eight studio apartments, 34 one-bedroom units, and one two-bedroom layout, alongside valuable tenant amenities such as on-site parking and laundry facilities.
Representing a long-held family portfolio presented complex organizational dynamics, requiring careful navigation of varying stakeholder objectives. SAGE leveraged its expertise in custom-tailored deal engineering to align the partners and build complete consensus before taking the property to market.
“Navigating generational family portfolios requires far more than standard property marketing – it demands tailored diplomacy, clear communication and an alignment of individual priorities,” Tragash said. “Our role was to listen to each partner’s perspective, build a consensus-driven process everyone trusted and execute a strategy that delivered complete clarity and financial execution for all parties involved.”
Ariela Finkel, a 50% owner of the property, praised the hands-on advisory approach:
“Working with Steve was a wonderful experience. The process was challenging at times, but his professionalism, patience and personal attention made all the difference. He was always available, kept us informed and guided us through every step from start to finish.”
Because the property possesses significant rent-roll upside, SAGE targeted buyers capable of recognizing the asset’s long-term value-add potential. By securing an all-cash private investor with strong balance-sheet capabilities, the deal completely bypassed financing contingencies, ensuring a streamlined closing process.
Colonial House sits in one of Union County’s most dynamic transit-oriented corridors. Elizabeth continues to draw high demand from young professionals, healthcare workers, and commuters due to its exceptional walkability and connectivity.
Residents enjoy easy access to two NJ Transit rail stations providing direct service to New York Penn Station, as well as immediate proximity to major regional economic drivers like Newark Liberty International Airport, the Port Newark-Elizabeth Marine Terminal, and key highway arteries. This robust economic and transit foundation ensures enduring renter demand across New Jersey’s largest city and easternmost municipality.
