E.V.P. Joni Sweetwood & S.V.P. Daniel Lanni Arrange Exclusive Sale of 80 Units
The Kislak Company, announced the recent sale of Wedgewood House, an 80-unit multifamily property at 434 Lincoln Avenue in Orange, Essex County, New Jersey, for $13,800,333.
Kislak marketed the property on an exclusive basis with executive vice president Joni Sweetwood handling the assignment on behalf of the seller, 434 Lincoln Avenue Associates, LP, and affiliates. Senior vice president Daniel Lanni procured the purchaser, which was not disclosed.
Th sale of Wedgewood House is the single largest sale of a multifamily property in Essex County, New Jersey, since 2022 according to data from CoStar.
Ms. Sweetwood commented, “The renovated units were one of the most desirable aspects of the offering. They look and feel like new luxury construction but with higher-quality materials.”
Mr. Lanni added, “Staying in constant touch with major owners and investors helped me to identify the group most likely to purchase this property and we were able to get it sold as efficiently as possible by properly handling the transaction from start to finish.
Built in 1968, Wedgewood House is a garden complex with two three-story brick apartment buildings situated on 1.76 acres with on-site parking for 85 cars. The unit mix consists of nine studios, 56 one-bedroom units and 15 two-bedroom units. The property underwent extensive renovations of many units and recent capital improvements include new roofs, windows, laundry rooms and hallway lighting.
The property is conveniently located in suburban Orange around the corner from the Highland train station and within walking distance of the Orange train station. Both stations provide direct service to Manhattan. The property is also close to Interstate 280.
Orange is a city of approximately 35,000 in central Essex County 15 miles west of New York City.
Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople consistently ranking as a top producer each year. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award, the company’s Producer of the Year award five times and the company’s Sales Transactions award for the most closed sales transactions in the last three years. Ms. Sweetwood has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business. Her career investment sales total more than $1.3 billion.
Daniel Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in central New Jersey with a particular focus along the Jersey Shore. Mr. Lanni was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019. He has also been recognized by the Mid Atlantic Real Estate Journal as one of its 40 Under 40 in commercial real estate.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware and Florida.
Now in its 118th year, Kislak was among a select group of firms recognized as a 2022 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.
