Woodbridge, N.J. — The Kislak Company, Inc. announced the $12,750,000 sale of two multifamily properties in East Orange, New Jersey: Harrison Gardens, an 88-unit property at 255-271 South Harrison Street; and Elm Gardens, a 44-unit property at 296-310 South Harrison Street.
Senior vice president Joni Sweetwood marketed the properties on behalf of the seller, a long-term client, and represented the purchaser, a private investor.
“These were the seller’s last properties in one of the most exclusive neighborhoods in East Orange and they were at full occupancy,” said Sweetwood. “East Orange is a very strong rental market in northern New Jersey and these properties are located near a train station and surrounded by new luxury developments. The properties were the focus of a bidding war among potential purchasers.”
Harrison Gardens is a brick mid-rise building consisting of 27 one-bedroom and 61 two-bedroom apartments. The property has undergone extensive upgrades in the last 10 years with the replacement of roofs, boilers, the hot water heater, expansion tanks and fire alarm system along with the installation of a surveillance system. Onsite surface parking is available for tenants and the property is less than one mile from the Brick Church train station. Downtown Newark and midtown Manhattan are short commutes as they are only five miles and 15 miles, respectively, from the property.
Elm Gardens, a two-story garden apartment complex consisting of all one-bedroom units, likewise has been upgraded in the last seven years with the replacement of the hot water heater, boiler, expansion tank, fuse boxes, thermostats and windows. Garages and surface spaces make for abundant onsite parking.
“The properties also have value-add potential given their location and the purchaser intends to further upgrade the properties to the luxury standards of the area,” added Sweetwood.
Given the current market trend for this prime location, coupled with the investor’s plans for high-end upgrades, the net operating income for the two properties is expected to increase by almost 70%.
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.
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.