Private Investor Purchases Colonial House Apartments For $5 Million In Elizabeth New Jersey

The Colonial House Apartments, located at 128-144 Westfield Avenue in Elizabeth, NJ, is a multifamily asset comprising 43 units. The apartment complex was sold for $5 million in an all-cash deal. The property consists of three buildings, which were constructed between 1959 and 1964. Since 1984, it has been owned by the same ownership group and presents value-add potential through possible rent increases.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,000,000
• Units: 43
• Price Per Unit: $116,279
• Broker: Steve Tragash - SAGE Investment Real Estate Advisors

This transaction involved a private investor acquiring the property, indicating active interest in multifamily investments within the Elizabeth market. Steve Tragash represented the seller in this transaction, facilitating the deal between the two parties.