WOODBRIDGE, N.J. — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region announced the sale of three multifamily properties in Bergen County, New Jersey totaling $18,867,000. The transactions include the $13,277,000 sale of Cambridge Arms Apartments, a 101-unit mid-rise apartment building in Hackensack; the $2,990,000 sale of a 28-unit apartment building in Hackensack; and the $2,600,000 sale of a 19-unit multifamily property in Ridgefield Park.
“Bergen County is among the strongest markets in New Jersey for multifamily properties,” said Robert Holland, president and co-managing director. “There is extraordinary demand there and elsewhere in New Jersey, and these sale prices are indicative of the demand among investors for well-performing properties in desirable locations.”
Cambridge Arms Apartments is a 101-unit all brick mid-rise apartment building located on Polifly Road in Hackensack. The property is conveniently located seven miles from the George Washington Bridge and 12 miles from midtown Manhattan. Constructed in 1967, it includes a combination of one- and two-bedroom apartments, many with views of Manhattan, and on-site parking. Approximately 60% of the units have updated kitchens with modern appliances and updated bathrooms. Co-managing director Jeffrey Wiener represented the seller and vice president Jonathan Greenberg represented the purchaser.
“The sale of Cambridge Arms marked our 61st transaction with the seller,” said Wiener. “We marketed the property on an exclusive basis and, given the demand in the market, procured an aggressive local purchaser eager to expand his multifamily portfolio in Bergen County.”
“The purchaser is a long-time client and had been interested in Cambridge Arms for several years,” said Greenberg. “Once we obtained an exclusive listing to market and sell the property, the purchaser moved quickly to come to terms with the seller and proceed to closing.”
Financing was provided by Columbia Bank. At the time of closing, the property was approximately 96% occupied.
The 28-unit property in Hackensack is a garden-style apartment complex with private entrances, on-site parking, and garages located on First Street. The property is in an excellent location behind Hackensack University Medical Center near Route 80. Recent improvements include eight renovated units, new windows, updated masonry and re-pointed bricks. Sales associate Andrew Scheinerman represented both parties in the transaction.
“Kislak was retained on an exclusive basis to market and sell the property,” said Scheinerman. “There was a four-year tax appeal that had to be resolved and damage from two fires that required repair before we could close. The sale marked our first transaction with the seller who had not sold a property in many years, and the purchaser is a long-time Kislak client.”
Financing was provided by Northfield Community Bank. At the time of closing, the property was 100% occupied.
The 19-unit property in Ridgefield Park is a three-story all brick apartment building located on Teaneck Road. It includes large apartments, an updated lobby and hallways, and is located minutes from the George Washington Bridge close to downtown Ridgefield Park and neighboring Teaneck. Sales associate Andrew Scheinerman also represented both parties in the transaction.
“We were also retained on an exclusive basis to market and sell the property, and the $137,000 per unit price that we achieved for a large REIT demonstrates the area’s desirability” said Scheinerman. “We had an offer and acceptance within seven days and the purchasers were prepared to close immediately upon contract execution.”
At the time of closing, the property was 100% occupied.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company serving the multifamily and retail markets. 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 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 108th year, Kislak was among a select group of firms recognized as a 2012 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s seventh consecutive recognition.