Sage Investment Real Estate Advisors has arranged the $5 million sale of Colonial House Apartments, a 43-unit multifamily community located at 128-144 Westfield Ave. in Elizabeth, New Jersey. Sage Partner and Co-Founder Steve Tragash exclusively represented the seller, a multi-generational ownership group, and procured an all-cash unnamed buyer for the transaction.
Comprised of three classic all-brick, three-story buildings constructed in phases between 1959 and 1964, Colonial House features a mix of floorplans, ranging from eight studio and 34 one-bedroom units to one two-bedroom layout. The property also offers on-site parking and laundry facilities.
Representing a multi-generational partnership with distinct perspectives and strategic objectives, Tragash served as a trusted advisor to align the group’s objectives. By establishing clear consensus and individual stakeholder confidence, Sage structured a clear path forward.
“Navigating generational family portfolios requires far more than standard property marketing — it demands tailored diplomacy, clear communication and an alignment of individual priorities,” said Tragash. “Our role was to listen to each partner’s perspective, build a consensus-driven process everyone trusted and execute a strategy that delivered complete clarity and financial execution for all parties involved.”
Ariela Finkel, a 50% owner of the property, echoed those sentiments, highlighting Tragash’s hands-on approach throughout the transaction.
“Working with Steve was a wonderful experience,” said Finkel. “The process was challenging at times, but his professionalism, patience and personal attention made all the difference. He was always available, kept us informed and guided us through every step from start to finish.”
Sage identified an all-cash private investor whose investment thesis matched the property’s value-add potential, eliminating financing contingencies and ensuring a smooth closing.
“Properties with significant rent-roll upside often require specialized capital solutions,” said Sage Partner Greg Pine. “By looking beyond standard transaction playbooks, we identified an all-cash purchaser who recognized the underlying strength of the real estate and had the balance-sheet capability to execute efficiently.”
Colonial House is strategically situated in one of Union County’s most resilient transit-oriented urban hubs. Driven by steady infrastructure investment and broad commercial revitalization, Elizabeth continues to attract a vibrant demographic of young professionals, healthcare workers and commuters seeking a dynamic, highly walkable urban lifestyle with direct connectivity to Manhattan.
