A landlord has sold a portfolio of 10 garden apartment complexes in North Jersey for $90 million as it looks to buy properties and expand outside of the Garden State.
Landmark Cos., based in Keasbey, New Jersey, divested a group of multifamily buildings located throughout Union County that have 540 total units, according to the company’s broker, Kislak Co.
The transaction was among the largest multifamily sales in New Jersey last year, according to CoStar data. It was topped by the $131.5 million sale of Summit Court in Union and the $96.2 million sale of Two South Willow in Montclair, according to CoStar.
“Multifamily investment sales volume has notched a considerable improvement in 2025 relative to the last two years,” CoStar said in its most recent report on Northern New Jersey. “Total sales volume has amounted to $856 million through the first three quarters of the year, triple the amount at the same time last year, and 28% higher than the same period average from 2015 to 2019.”
The portfolio that Landmark sold contained:
- Sunrise Village Apartments, 145 Jerome St., Roselle Park, 275 units
- 5th Avenue Apartments, 127-135 E. Fifth Ave., Roselle, 48 units
- Chilton Manor, 212 Westfield Ave., Elizabeth, 39 units
- Cheryl Gardens, 408 Chestnut St., Roselle, 32 units
- Riverside Apartments, 145 Dock St., Rahway, 30 units and one commercial space
- West First Apartments, 123 W. First Ave., Roselle, 30 units
- Astoria Manor, 854 W. Grand St., Elizabeth, 24 units
- Michael’s Manor, 147 E. Fifth Ave., Roselle, 24 units
- Briar Lane Apartments, 222 E. Westfield Ave., Roselle Park, 23 units
- White Rose Apartments, 214-216 E. 1st Ave., Roselle, 14 units
Landmark principals Michael Gottlieb and Eric Harvitt are seeking to reposition the company, and the portfolio sale is part of an exchange of some noncore legacy properties into a more recently developed residential project in Raleigh, North Carolina, according to Kislak. Landmark is diversifying geographically and looking to improve the types of properties it owns and manages, Gottlieb and Harvitt said.
Jeff Squires, a managing director at Woodbridge, New Jersey-based Kislak, arranged the off-market sale on behalf of Landmark and also procured the buyer, who wasn’t identified.
“The sale of the portfolio represents an extraordinary value-add opportunity for the purchaser to acquire over 500 well-maintained units in some of the strongest rental markets throughout northern New Jersey,” Squires said in a statement. “Most of the properties had been owned and managed by the original developer’s family across three generations.”
The portfolio comprises a mix of studio apartments, one-bedroom units and two-bedroom units in suburban garden apartment complexes, all with on-site parking and a variety of amenities.