August 13, 2008

Written by Nicholas Hoover

JASCO Sells Historic Multifamily for $6.1M

Grand Street Villas Fetches Almost $100,000 Per Unit in Trenton

JASCO Management has sold the historic Grand Court Villas multifamily property in Trenton, NJ, to private investor Steve Henkel for $6.15 million, or $97,600 per unit.

This 63-unit luxury apartment complex, which is registered as a National Historical Landmark, is the former site of the Clay, Henry and Bock & Company Cigar Factory. It was built in the 1920s as replica of a Cuban cigar factory.

The property is at 507 Grand St. and was 92% occupied at the time of sale. Amenities include an on-site fitness center, rooftop decks and underground parking.

Joni Sweetwood and Barry Waisbrod of The Kislak Co. represented the buyer and seller, respectively, in the transaction.