Northeast

TRENTON, N.J. — Woodbridge, N.J.-based The Kislak Company has arranged the sale of Grand Court Villas, a 63-unit luxury apartment community located at 507 Grand Street in the Chambersburg neighborhood of Trenton, for $6.15 million. The four-story historic apartment building, which was formerly a cigar factory constructed in the 1800s, was redeveloped in 1986 into luxury apartments. Building amenities include indoor parking, a gym, two laundry rooms on each floor and elevator access. It contains a mix of one- and two-bedroom units, which includes spiral staircases in duplex units, as well as terraces and 14-foot ceiling heights in top-floor units. The property was 92 percent occupied at the time of closing. Joni Sweetwood of Kislak represented the seller, Grand Street Realty Association, and Barry Waisbrod, also of Kislak, represented the buyer, Grand Court Villas LLC.

PATERSON, N.J. — Marcus & Millichap has completed the sale of a 32-unit multifamily building located in Paterson for $2.24 million. Thomas McConnell and Kevin McCrann of the company’s New Jersey office represented both undisclosed parties in the transaction. The property traded at a cap rate of 7.7 percent and a price of $70,000 per unit.