Kislak tapped to market $15M luxury rental community in Fairfield

April 02, 2019 03:53PM

Woodbridge-based brokerage Kislak announced last week that it had been chosen as the exclusive sales agent for a $14.9 million luxury rental complex in Fairfield, NJBiz reported. The property, Magnolia Lane Luxury Apartments, was developed in 2018 and consists of a 34-unit townhouse complex on 2.66 acres. The new rental community at 60 Passaic Avenue is located 3.5 miles from the Little Falls and Mountain View-Wayne New Jersey Transit stations. Joni Sweetwood, an executive vice president at Kislak, will head up marketing efforts for the property, which is owned by Piscataway-based SK Realty & Development. Magnolia Lane has one- and two-bedroom units ranging from $2,250 to $3,200 per month and includes four low-to-moderate income rental apartments, according to Princeton-based affordable housing services firm Piazza & Associates. U.S. Census Bureau data shows that the median gross rent in Fairfield reached roughly $1,900 between 2013 and 2017, a time period in which median household income stood at $110,303. [NJBiz]