V.P. Joseph Keenan Arranges Quick Sale of High-Demand Multifamily Properties
WOODBRIDGE, N.J. September 12, 2018 –The Kislak Company, Inc. announced the recent sale of 70 residential units at 31-49 North Fullerton Avenue and 36 Forest Avenue in Montclair, New Jersey for $17,250,000.
Kislak marketed the properties on an exclusive basis with vice president Joseph Keenan representing both the purchaser and seller, Oak Tree Capital, LLC and Falad Properties, LLC, respectively. The seller, a longstanding client with whom Kislak has completed numerous transactions over the years, is a family-owned investor. The purchaser is a locally-based private investor.
“I am grateful to have been a part of this transaction,” said Keenan. “I have known the seller for over 12 years and we completed many deals together. I was honored when he approached me to sell these properties that he and his siblings had owned for nearly 20 years. The purchaser is a part of a multi-generational real estate family and this is the second deal he has closed since forming his own company. I am thrilled that he purchased these properties and look forward to closing many more deals together in the future.”
The property at North Fullerton Avenue consists of a pre-war, five-story elevator building with 68 units comprised of seven studios, 32 one-bedroom apartments, and 29 two-bedroom apartments with on-site parking. The property includes a solid tenant base with occupancy typically near 100%. The apartments are spacious with eat-in kitchens; have separate dining, living and bedroom spaces; and are well maintained with high ceilings, hardwood floors and crown molding throughout. Polished marble lobbies welcome residents and visitors.
The property on Forest Avenue is a three-story, shingled house containing two units and was previously purchased to expand the parking availability for the residents at the North Fullerton property.
Both properties, located in the heart of downtown Montclair, within short walking distance of the Walnut Street train station, were only briefly marketed when Kislak procured the purchaser and negotiated the deal in less than 10 days.
“The purchaser was quick to act due to the significant upside in rents and Montclair’s lack of rent control,” Keenan further commented. “There is a voracious appetite among investors for well-located, high quality multifamily properties. Buildings of this size in this location do not come on the market often,” he said.
Joshua Herbst was the attorney for Oak Tree Capital LLC while David Faloni, Esq. represented Falad Properties, LLC in the sale. Oritani Bank provided financing for the purchaser who plans to immediately implement a value-add program to specifically upgrade all apartment interiors.
Mr. Keenan joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received the firm’s Rookie of the Year award in 2008 and was promoted to a vice president in 2012.
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 2017 Power Broker by CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.
For more information about The Kislak Company, Inc., please contact Jason Pucci, Chief Operating Officer, at (732) 750-3000 or firstname.lastname@example.org