The Kislak Company, Inc. on Monday announced the $90 million off-market sale of a massive 540-unit multifamily portfolio spanning several municipalities in Union County. The transaction, brokered by Kislak Managing Director Jeff Squires, ranks among the largest multifamily deals in New Jersey over the past year.
The portfolio was sold by longtime Kislak client Landmark Companies of Keasbey. While the purchaser’s identity remains undisclosed, the deal represents a significant shift for the seller as they pivot toward newer assets and geographic diversification.
The portfolio consists of ten well-maintained suburban garden apartment complexes, many of which had been held by the original developer’s family for three generations. The properties are located in Roselle, Roselle Park, Elizabeth and Rahway, featuring a strategic mix of studio, one-bedroom, and two-bedroom units.
Key properties in the $90M sale include:
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Sunrise Village Apartments (Roselle Park): 275 units
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127-135 East Fifth Avenue (Roselle): 48 units
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Chilton Manor (Elizabeth): 39 units
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Cheryl Gardens (Roselle): 32 units
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Riverside Apartments (Rahway): 30 units and one commercial space
For Landmark Companies, the sale is a calculated move to modernize their holdings. Principals Michael Gottlieb and Eric Harvitt indicated that the proceeds were part of an exchange into a newly developed residential community in Raleigh, North Carolina.
“We are making an effort to position our company for future success by diversifying geographically and improving the product type we own and manage,” Gottlieb and Harvitt said in a joint statement. “New Jersey will always be the center of our universe… but we also feel it is healthy to have a presence in other markets as well.”
Extraordinary value-add potential
Squires, who procured the buyer and facilitated the off-market negotiations, highlighted the scarcity of such a large-scale opportunity in Northern New Jersey’s competitive rental market.
“The sale of the portfolio represents an extraordinary value-add opportunity for the purchaser to acquire over 500 well-maintained units in some of the strongest rental markets,” Squires commented. All properties in the portfolio feature on-site parking and are positioned near major mass transit hubs, providing convenient access to New York City.
