BERKELEY HEIGHTS-- The Kislak Company, Inc. recently completed the $1,350,000 sale of 14 affordable housing units in the Villas on the Park condominium complex located at 25 - 51 Springholm Drive, Berkeley Heights.
Sales associate Jeffrey Squires represented the seller, the original condominium developer and a longtime Kislak client; and vice president Jonathan Greenberg represented the purchaser, a private investor, in the all cash transaction.
Villas on the Park is a community of individual privately-owned condominiums that also includes an affordable housing component. In order to assist Berkeley Heights fulfill its obligation to provide affordable housing, the developer retained 14 units to lease as low and moderate income apartments to qualified households.
"The buyer was interested in several other properties but once these units became available, we advised him accordingly and he moved quickly as he did not want to miss out on this great investment opportunity," added Greenberg.
Squires was the co-recipient of Kislak's 2008 Rookie of the Year award, which recognizes a newer Kislak professional who records the greatest achievements during the year. Greenberg was recognized as Kislak's 2009 and 2008 Producer of the Year and also received the company's Salesperson of the Year Award in 2007 and 2006.
Villas on the Park was constructed in 1996 and is conveniently located just off of Route 78 adjacent to the Watchung Reservation. It is close to Route 22 and only a few miles from the central business districts in Berkeley Heights and neighboring Mountainside and Scotch Plains.
The sale included 12 two-bedroom and two three-bedroom condominium-quality units. Half of the units are designated for moderate income households and the other half for low income households. Tenants receive two parking spaces per unit and are responsible for paying for all utilities. The property also includes sprinklers for fire suppression.
The seller was represented by Terry Zuckerman, Esq. of Pollack & Zuckerman of Kenilworth, New Jersey. The purchaser was represented by Jonathan R. Mehl, Esq. of Rutherford.
Kislak Company
www.kislakrealty.com
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