Multifamily

PLAINFIELD, N.J. — Later this month, Sheldon Good & Co. will conduct a one-day auction for six multifamily buildings recently entered into Chapter 11 bankruptcy protection. All of the properties are owned and operated by Plainfield-based Connolly Properties. All six properties are located in Plainfield, with three of them situated adjacent to each other on East Front Street. They include Watchung Garden Crossing, a 102-unit property located at 802-837 E. Front St.; Netherwood Village, a 107-unit property located at 825-855 E. Front St.; and Green Brook Village, a 58-unit property located at 733-747 E. Front St. The remaining three properties include Liberty Arms, an 84-unit property located at 501 and 515 W. 7th St.; Central Avenue Apartments, a 20-unit property located at 831 Central Ave.; and Madison Avenue Apartments, a 39-unit building located at 609 Madison Ave. The auction will be held on June 24. The properties will be sold separately and absolute, subject to court approval, with suggested opening bids ranging from $350,000 to $2.5 million.

HARRISBURG AND READING, PA. — The Kislak Company has completed the sales of two Pennsylvania apartment buildings for a total of $10.68 million. The first transaction involved the $7.03 million sale of Walnut Crossing, a 134-unit, garden-style property located in Harrisburg. The property was 92 percent occupied at closing. The buyer assumed an existing $5.1 million mortgage from Freddie Mac. The second transaction involved the $3.65 million sale of Berkshire Towers, a 90-unit, high-rise building located in Reading. The property was 95 percent occupied at closing. Acquisition financing for this deal was provided by PNC Wealth Management. Robert Holland of The Kislak Company represented both parties in each transaction.

BRISTOL, CONN. — Brookside Apartments, a 78-unit apartment property located in Bristol, has been sold in a $6.2 million deal. Built in 1961 and extensively remodeled in 2003, the community contains 12 one-bedroom units, 41 two-bedroom units and 25 three-bedroom units. Residences range in size from 750 to 1,350 square feet. Rick Chozick of Chozick Realty represented the seller, CT Bristol Limited. Bartram & Cochran represented the buyer, Bristol Brookside LLC.