Woodbridge, N.J. – The Kislak Company, Inc. announced the recent sale in East Orange, Essex County, New Jersey of the following multifamily properties on an exclusive basis: 72 units in a portfolio of four buildings at 30 Beech Street, 46 South Arlington Avenue, 356 William Street and 6 Glenwood Avenue for $7,400,000; 47 units in two buildings at 139 Halsted Street and 116-118 South Grove Street for $2,450,000; and another 21 units at 67 Lenox Avenue for $1,900,000.
Sales associate Julie Gralla represented the sellers of the 72-unit portfolio and 47 units and the purchasers of the Halsted and Grove Streets and Lenox Avenue properties. Vice president Robert Squires represented the purchaser of the 72 units. Senior vice president Joni Sweetwood represented the seller of the Lenox Avenue property.
The sellers of the 72-unit portfolio were affiliates of Seaview Capital Partners LLC. TBG Halsted, LLC and TBG South Grove St., LLC were the sellers of 139 Halsted Street and 116-118 South Grove Street, respectively; and 67 Lenox, LLC sold 67 Lenox Avenue. The purchasers of all of the properties were private investors.
Noting the sale of the 72 unit portfolio is reflective of the current market, Gralla remarked: “Prices continue to skyrocket to well over $100,000 per unit in East Orange. The city is extremely desirable to tenants and investors with two midtown direct trains providing service to and from Manhattan in 20 minutes.”
“The East Orange and surrounding multifamily markets remain extremely attractive to investors given their north Jersey locations that are a short commute to New York City,” said Robert Holland, president. “Occupancies are extremely strong and rents are increasing, which add to investor demand. Julie and our team did an excellent job executing these sales.”
“The sellers turned over many units after purchasing the portfolio,” added Gralla. As a result, even throughout the transaction, the portfolio’s net operating income continued to increase dramatically as rents continue to rise. This is a testimony to great management but also to East Orange’s strong rental market.”
The 72-unit, four-building portfolio contained many two and three bedroom units, and two of the four buildings were gut renovated within the last ten years. While the four buildings are within walking distance of the midtown trains, they are also easily accessed by commuters to Route 280 and the Garden State Parkway.
The properties at Halsted and South Grove Streets, located just over one mile from each other, contained 25 one bedroom units at Halsted Street and 22 one-and two-bedroom units at South Grove Street with onsite parking at both properties. “What made this deal so valuable was the extreme upside potential due to higher expenses which needed to be properly managed, as well as below market rents,” Gralla added.
Holding a long term relationship with the buyer of the Halsted and South Grove deal, Gralla is “excited to see how the buyer will transform these buildings, stabilizing the properties under his management.”
The three-story brick building with 21 units at Lenox Avenue consisted of a studio and one and two bedroom apartments, with hardwood floors, large kitchens and separate dining areas, all with upgraded electric installed in the last 10 years. The buyer of this property had purchased through Kislak several other East Orange buildings earlier this year.
Gralla joined Kislak in 2011 and is a rising star in the firm. In 2012, she won the Kislak’s Rookie of the Year award and since then has completed transactions valued at more than $75,000,000.
Robert Squires joined Kislak in 2003 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He was recognized as Kislak’s 2005 Rookie of the Year and was promoted to a vice president in 2008. Consistently one of Kislak’s leading salespeople, he was also the recipient of the firm’s 2011 and 2016 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 company’s production award multiple times since then. She has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business.
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.