WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of Rose Garden Apartments, a 40-unit apartment complex in Hackensack, Bergen County, New Jersey for $6,100,000.
Kislak marketed the property on an exclusive basis. Sales associate Andrew Scheinerman represented the seller and vice president Jonathan Greenberg represented the purchaser.
“Bergen County is among the strongest markets in the suburban Tri-State Area for multifamily properties,” said Robert Holland, president. “There is extraordinary demand there and elsewhere in New Jersey, and this sale price is indicative of the demand among investors for well-performing properties in desirable locations.”
“At $152,500 per unit, the sale of Rose Garden Apartments is the second highest per unit price achieved for a garden apartment complex in Hackensack,” said Scheinerman. “Prices continue to rise and cap rates have become more and more compressed as demand increases.”
“This was our sixth transaction with the seller and the fifth with the purchaser, a loyal long-time client,” added Greenberg.
Rose Garden Apartments consists of 40 residential units in two brick, two-story apartment buildings with pitched roofs, 22 garages and 27 on-site parking spaces. Tenants have access to on-site laundry rooms and storage units, and they are responsible for electricity and heat. The property is situated in the quiet Fairmont neighborhood near Prospect Avenue.
The property was fully occupied at closing. Financing was provided by Oritani Bank.
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.
Greenberg joined Kislak in 1999 and is consistently among the firm’s leading producers. He is a two-time past recipient of the firm’s Production Award and Salesperson 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 110th year, Kislak was among a select group of firms recognized as a 2014 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s ninth consecutive recognition.