WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of a portfolio of five multifamily properties in East Orange, Essex County, New Jersey for $19,600,000. The properties included in the sale were:
– 49 Prospect Street with 53 units;
– 60 North Arlington Avenue with 52 units;
– 112 Lincoln Street with 44 units;
– 17 Summit Street with 42 units and;
– 440-450 Prospect Street with 31 units.
The portfolio sale is the largest multifamily sale in East Orange since 2012 based on data available from CoStar. Vice president Robert Squires represented the seller and vice president Jonathan Greenberg represented the purchaser.
“This was an extraordinary sale in a very competitive market,” said Robert Holland, president. “The market for multifamily properties remains very strong throughout our core markets, especially northern New Jersey. East Orange is no exception with its strong rental market, low vacancies and close proximity to New York City. Rob and Jon did an exceptional job facilitating this transaction and guiding it through to closing.”
All of the properties are located within close proximity of each other and are all within walking distance of the Brick Church and East Orange train stations. They were fully occupied at the time of closing.
“There is huge demand for well-maintained apartment buildings in East Orange, especially for those within walking distance of mass transit,” said Squires. “We brought this portfolio to a group we have worked with previously who were comfortable closing a transaction of this size. The transaction progressed relatively smoothly and the buyer took advantage of today’s historically low interest rates.”
Greenberg added, “There are new standards for pricing and cap rates as more and more properties trade. While this transaction was under contract, several other properties closed for higher prices, reconfirming the buyer’s understanding that East Orange has great potential for appreciation.”
Robert Squires joined Kislak in 2003 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He was recognized as Kislak’s 2005 Rookie of the Year and was promoted to a vice president in 2008. He was also the recipient of the firm’s 2011 Sima Kislak Jelin Salesperson of the Year award.
Greenberg joined Kislak in 1999 and is consistently among the firm’s leading salespeople. He is a two-time past recipient of Kislak’s Producer of the Year award and Sima Kislak Jelin Salesperson of the Year award.
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 110th year, Kislak was among a select group of firms recognized as a 2015 Power Broker by CoStar Group, Inc. and this was the firm’s tenth consecutive recognition.