WOODBRIDGE, N.J. The Kislak Company, Inc. announced that Don Baxter, a vice president, led the completion of ten investment sales in Bergen, Essex, and Hudson, Counties in northern New Jersey totaling $23,017,500.
The separate transactions include:
· Two buildings with 39 apartments in Weehawken for $5,500,000. Baxter represented both parties. These buildings are two of the few remaining area buildings not converted to condominiums. At the time of closing, the properties were fully occupied.
· A 41-unit apartment building in Jersey City for $3,890,000. Baxter represented both parties. The purchaser intends to renovate the units and raise rents. At the time of closing, the property was fully occupied.
· Two buildings with 25 apartments in Fairview for $2,910,000. Sales associate Andrew Scheinerman represented the seller and Baxter represented the purchaser. The transaction was part of a Section 1031 like-kind exchange. At the time of closing the properties were fully occupied.
· A 31-unit apartment building in East Orange for $2,180,000. Senior vice president Joni Sweetwood represented the seller and Baxter represented the purchaser. The property is currently 80-percent renovated. The purchaser will continue renovating the units and the property’s exterior. At the time of closing, the property was fully occupied.
· A mixed-use building with 13 apartments and two stores in Harrison for $1,975,000. Vice president Scott Davidovic represented the seller and Baxter represented the purchaser. The property is located near the Red Bull Arena. At the time of closing, the property had one residential vacancy.
· A mixed-use building with 13 apartments and four offices in Oradell for $1,947,500. Vice president Robert Squires represented the seller and Baxter represented the purchaser. At the time of closing the property was fully occupied.
· A mixed-use building with nine apartments and three stores in Jersey City for $1,625,000. Baxter represented both parties. The property is centrally located, one block from the Journal Square PATH train stop. At the time of closing, the property had one vacant retail unit.
· A 12-unit apartment building in Leonia for $1,220,000. Davidovic represented the seller and Scheinerman and Baxter together represented the purchaser. The property is in a prime location with easy access to major highways and the George Washington Bridge. At the time of closing, the property was fully occupied.
· A 17-unit apartment building in Jersey City for $1,160,000. Baxter represented both parties. At the time of closing, the property was fully occupied.
· An 8-unit apartment building in Jersey City for $610,000. Baxter represented both parties. The recently renovated property is located one block from Journal Square.
“The demand for multifamily properties throughout New Jersey remains very strong,” said Robert Holland, president. “Don does an extraordinary job getting properties for sale on an exclusive basis and procuring the right buyers. He is an expert in the Hudson County market and the neighboring submarkets.”
“Throughout 2014 and into 2015, low interest rates and strong tenant demand continue to enable both buyers and sellers to capitalize financially,” said Baxter. “All of these properties had little or no vacancy. Any vacancies in these areas are a bonus for the owners as they provide them with the opportunity to renovate apartments and raise rents.”
“These transactions were also relatively clean and efficient in that they did not fall apart and the clients were happy,” added Baxter. “I attribute this to our exclusive engagements by the sellers. Open or non-listings are often counterproductive for all parties involved. Buyers and sellers need professional advocates now more than ever to guide each transaction to closing.”
“The Hudson County submarket remains very strong,” said Sweetwood. “These properties are located in prime locations and most of them were fully occupied. Hudson County continues to be one of the strongest markets, especially for multifamily properties.”
Baxter joined Kislak in 2006 and is consistently among the company’s leading producers. He specializes in the sale of multifamily and other investment properties throughout New Jersey with emphasis on Hudson County where he is among the area’s top producers. Baxter closed 10 – 16 transactions per year over the last 10 years.
Since joining Kislak, Baxter has won numerous sales awards, including the company’s Rookie of the Year Award in 2007 and the Sima Kislak Jelin Salesperson of the Year award in 2008 and 2009.
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 109th 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.