Woodbridge, N.J. – The Kislak Company, Inc. announced the recent sale of a seven-building portfolio in Irvington, New Jersey with 184 residential units, six stores and one income-producing antenna for $17,800,000.
The properties are located at 2-10 Wagner Place; 38-40 Chester Avenue; 979-983 Clinton Avenue; 494 Stuyvesant Avenue; 780-86 Lyons Avenue; 51 Linden Avenue; and 26-28 Chester Avenue.
Kislak marketed the portfolio on an exclusive basis. Senior Vice President Joni Sweetwood represented the seller and procured the purchaser. The sale marked both parties’ initial transaction with Kislak.
Ms. Sweetwood noted the sale was reflective of the current market trend in which “owners are improving urban properties to a level that surpasses even properties in ‘high-end’ towns.” She added, “The sale moved swiftly to closing without any problems.”
Uniquely, the buildings at 780-86 Lyons Avenue (aka 106 Lincoln Place) and 26-28 Chester Avenue (aka 80 Welland Avenue) house 22 and 11 residential units, respectively, and each have three stores at street level. The property at 979 Clinton Avenue has 31 residential units and an income-bearing antenna on its rooftop. It is located in the heart of Irvington in one of its highest appreciating neighborhoods since 2000.
The residential unit mix for all buildings in the portfolio includes 17 studios, 142 one-bedroom apartments, 20 two-bedroom apartments, four three bedroom apartments and one four-bedroom apartment. All buildings have renovated exteriors and common areas with key fob entries and security cameras.
“The properties were completely renovated and include luxury units in mint condition in an urban setting,” added Ms. Sweetwood. “The purchaser plans to maintain their luxury status and increase rents as there is a strong demand for quality housing in urban areas. The result is fully-occupied properties with increasing rents.”
The properties are located within close proximity of each other and are near Irvington’s large bus station and the Garden State Parkway, making for wide use of local public transit in addition to car commuting. With densely populated neighborhoods and access to amenities, these Irvington properties are also very pedestrian-friendly.
Arbor provided financing for the portfolio in a market area where over 75% of the housing is either small apartment buildings or larger apartment complexes.
Ms. Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the firm’s production award multiple times since then and has been recognized repeatedly as one of New Jersey’s Commercial Brokerage 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.
Now in its 112th 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.