WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent closing of three multifamily transactions with a total of 178 residential units and four retail spaces in Essex County, New Jersey for $11,600,000.
The separate transactions include the $6,500,000 sale of two buildings with 106 residential units at 64 and 70-94 Union Avenue in Irvington; the $1,100,000 sale of a building with 12 residential units and four retail spaces at 10101-1016 Clinton Avenue in Irvington; and the long term ground lease of Maple Valley Apartments, a 60-unit apartment complex at 744 Valley Street in Maplewood. The ground lease includes an upfront payment of $4,000,000 along with annual ground rent.
Vice president Scott Davidovic represented the seller in the Union Avenue sale and senior vice president Joni Sweetwood represented the purchaser. Davidovic represented the seller and purchaser in the Clinton Avenue sale. And Davidovic represented the lessor in the Maple Valley ground lease and sales associate Andrew Scheinerman represented the lessee.
All transactions followed the owners’ engagement of Kislak on an exclusive basis.
“Essex County has proven to be a very stable rental market in New Jersey with consistent rent growth,” said Davidovic. “Investor demand remains very strong and despite a modest uptick in interest rates, attractive financing is still available, which allows property owners to sell at low cap rates.”
64 Union Avenue is a five-and-one-half-story brick elevator building with 46 units. 70-94 Union Avenue is a two-story, brick garden style building with 60 units. Features include on-site laundry rooms, garages and ample parking. Both buildings are centrally located near public transportation, the Garden State Parkway and Route 78.
“This sale presented an unusual opportunity for a buyer to acquire a large number of units in one location in Irvington,” said Sweetwood. “The buyer understood the potential for adding value by improving the management of the properties. He assumed management prior to the sale, resolved several operational problems and raised rents. These properties are well-located near the Irvington bus station and adjacent to large medical office buildings that have recently been renovated. The area is bustling.”
1010-1016 Clinton Avenue consists of 12 residential units and four retail spaces with 3,000 square feet. The property was recently gut renovated and is in excellent condition. Clinton Avenue is a main street in Irvington with abundant foot traffic and easy access to the Garden State Parkway.
Maple Valley Apartments is a 60-unit apartment complex. All units are one bedrooms and the property includes on-site parking and laundry facilities. The property is located immediately behind the Maplewood Community Center only minutes from Route 78 and The Mall at Short Hills.
“The long term ground lease will allow the lessee ample time to implement a value add strategy,” said Scheinerman. “This will include upgrading units and reconfiguring layouts to maximize rents. This is our third transaction with the lessor and 15th transaction with the lessee. Both parties have confidence in Kislak’s ability to see our deals through to closing, which will allow for more deals in the future.”
Davidovic joined Kislak in 2006 and specializes in the sale of multifamily properties and land for development throughout northern New Jersey. After his first year with Kislak, he received the firm’s Rookie of the Year award and was promoted to a vice president in 2013. In 2014, he received the firm’s Sima Kislak Jelin Salesperson of the Year award.
Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the firm’s Producer of the Year award multiple times. She has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and among the Mid-Atlantic Real Estate Journal’s Executive Women in Business.
Scheinerman joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. After his first year with Kislak, Scheinerman also received the Rookie of the Year award.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are 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, and REITs. The firm’s 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 111th year, Kislak was among a select group of firms recognized as a 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.