The Kislak Co. announced the sale of a brand-new luxury apartment building in Westfield for $4.8 million, setting a decade-high price-per-unit record for the local area.
The 10-unit Class A property, located at 440 North Avenue East in Union County, was marketed on an exclusive basis. Managing Director Jeff Squires orchestrated the assignment on behalf of the seller, 440 North Avenue East, LLC, and also procured the undisclosed buyer.
According to data available from CoStar, the $4.8 million price tag represents the highest price per unit achieved for a multifamily property with at least 10 units in Westfield in the last 10 years. It also marks the highest price per unit achieved in all of Union County since 2023.
“We had tremendous interest from our investor clients and received several competitive offers within the first week of marketing the property,” Squires said. “The building ultimately sold for full asking price to an investor completing a 1031 Exchange.”
The Class A building features spacious 1,500-square-foot layouts with an open floor plan, consisting of two-bedroom and two-bathroom apartments finished with top-of-the-line materials. Eight of the units are market rate, while two are designated as affordable housing.
Tenants at the luxury property have access to a full suite of amenities, including:
- A state-of-the-art fitness center
- A resident business lounge and package room
- A community dog run and pet washing station
- Outdoor grilling and patio areas
- Electric vehicle (EV) charging stations and private garages
From an investment standpoint, the building offers high operational efficiency. Each apartment is equipped with its own central HVAC system and in-unit washer and dryer, and tenants are responsible for paying their own utilities.
The luxury property is situated in Westfield, widely recognized as one of northern New Jersey’s most affluent communities. Located less than 25 miles from New York City, residents benefit from a highly rated school system, a vibrant downtown, and a direct rail service to Manhattan.
The immediate area boasts incredibly strong economic demographics, with the average household income exceeding $220,000 within a one-mile radius of the property.
