KISLAK COMPLETES $1.35 MILLION SALE OF 14 AFFORDABLE HOUSING UNITS IN BERKELEY HEIGHTS, NJ

Woodbridge, NJ, Feb 2, 2010 - /FLIERWIRE/-- WOODBRIDGE, NJ, FEBRUARY 1, 2010  The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, 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, New Jersey. 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.

"This was a very interesting transaction," commented Squires. "Multifamily properties rarely trade in upper middle class areas of north Jersey such as Berkeley Heights and affordable housing units are uncommon. After meeting with the seller, we were confident in our ability to achieve the best price and procure the right buyer for him. He gave us an exclusive listing agreement to market the property and Jon was quickly able to procure a purchaser and deliver a contract with a sale price of almost $100,000 per unit."

"We had a number of clients with serious interest in these units," added Robert Holland, senior vice president and co-managing director. "Given the affordable housing component, the below-market rents almost guarantee constant full occupancy with very little risk, especially in such a desirable area as Berkeley Heights. The purchaser understood this and Jeff and Jon did a phenomenal job guiding both parties through to closing. In only a few short years, Jeff has become one of our most accomplished salespeople. Jon has consistently been one of our best and most successful salespeople."

"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.

Berkeley Heights is a township in Union County, New Jersey. As of the 2000 United States Census, it had a population of 13,407. In "Money" magazine's 2007 Best Places to Live rankings, Berkeley Heights ranked 45th of out of a potential 2,800 places in the United States with populations above 7,500 and under 50,000. "New Jersey Monthly" magazine ranked Berkeley Heights as the 59th best place to live in New Jersey in its 2008 rankings of the "Best Places to Live" in New Jersey.

At the time of closing, the 14 units were fully-occupied and there was a waiting list of prospective tenants looking to rent the units. The units will remain affordable housing apartments until 2026.

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, New Jersey.

The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company serving the multifamily and retail markets. Established in 1906, Kislak's market leadership position and longevity is 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 REITs. The firm's 25 0 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.