4/25/2023 0 Comments Home depot newton nj![]() Keenan’s investment sales total more than $300 million. He received the firm’s Rookie of the Year award in 2008 and was promoted to a senior vice president in 2019. Joseph Keenan joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. Sussex County Community College is also nearby.Īt the time of closing, the properties were fully occupied. They are conveniently located one mile from downtown Newton, which is the Sussex County seat situated 60 miles northwest of New York City, close to Route 206 with many major retailers including ShopRite, Walgreens, Home Depot and Lowes. The properties include many recent improvements and offer abundant on-site parking. Mill Street Manor includes 21 one-bedroom units, 23 two-bedroom units and seven three-bedroom units. Stonewood Apartments includes four studios, 16 one-bedroom units and 12 two-bedroom units. Swartswood Gardens includes 24 one-bedroom units and eight two-bedroom units. The purchaser was also able to hit an attractive yield level to put their 1031 exchange money to work.”Īll of the properties are garden apartment complexes with well-maintained brick buildings in professionally landscaped parklike settings. “It allowed the seller to achieve ultra-competitive pricing while avoiding prepayment penalties on the loan. “In an extremely volatile interest rate environment, the assumable in-place debt provided tremendous value to both the seller and purchaser,” added Mr. The Newton – Sussex County market has experienced rapid growth over the past several years and is seeing an influx of new renters interested in newly renovated apartments. ![]() There is tremendous upside in the property as much of the rents are well below market. ![]() As a result, we were able to obtain record setting pricing in a rising interest rate market.” “The seller had put the debt on the property about 1.5 years ago at a rate that is much lower than what the purchaser could have obtained today. “What made this transaction so appealing to the purchaser was the nearly $16 million in assumable financing,” noted Mr. Keenan arranged the earlier sale of the same properties in 2016. Keenan and Lupo previously arranged the sale of Swartswood Gardens and Stonewood Apartments to the sellers in 2020 and Mr. The record sale price represents the highest price ever achieved for multifamily properties in Sussex County, New Jersey according to data available from CoStar. They also procured the purchaser, a longtime Kislak client that was not disclosed, who completed an I.R.C. Kislak marketed the properties on an exclusive basis on behalf of the sellers Red Knight Properties Newton 2A, LLC Red Knight Properties Newton 2, LLC and Red Knight Properties Newton MS-HS, LLC with senior vice presidents Joseph Keenan and Justin Lupo handling the assignment. The portfolio includes Swartswood Gardens with 32 units at 4-20 Swartswood Road, Stonewood Apartments with 32 units at 31 Paterson Avenue and Mill Street Manor with 51 units at 4 Mill Street and 10-16 Hillside Terrace. announced the recent sale of a three-property multifamily portfolio in Newton, Sussex County, New Jersey for $22,450,000. Woodbridge, N.J., Septem– The Kislak Company, Inc. Joseph Keenan & Justin Lupo Arrange Exclusive Sale of 115 Units Collini Md, Collini, William RudolphĬall Collini, William Rudolph now: (973) 383-9898Ģ.S.V.Ps. HOME DEPOT does not have a web site in our recordġ. Please ask to update HOME DEPOT's profile on regularly. Please call at 9733834206 for more information about their service, office hours, warranty and license. HOME DEPOT is located at county, New Jersey: 7 N PARK DR Newton, NJ 07860.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |