S.V.P. Jeffrey Squires and Sales Associate Michael Salomon Arrange Swift Off-Market Sale of Two Properties
Woodbridge, N.J., November 20, 2018 – The Kislak Company, Inc. announced the recent off-market sale of two multifamily properties in Elizabeth, New Jersey for $6,500,000. The properties include a 34-unit building at 417 – 421 Irvington Avenue and a 28-unit building at 71 – 81 Prince Street.
Senior vice president Jeffrey Squires marketed the properties on behalf of the seller, Prince Elizabeth Go, LLC, and sales associate Michael Salomon represented the purchaser, a private investor.
“The sellers purchased the properties five years ago for $3,800,000 intending to hold them long-term,” said Mr. Squires. “We brought them an offer for almost double what they paid, which compelled them to sell.”
“This sale further exemplifies the continued and increasing strength of the northern New Jersey multifamily sector in areas outside of New York City,” said Mr. Salomon. “The purchasers were eager to procced as there is still plenty of upside to be realized with the properties.”
The Irvington Avenue property is a well-maintained two-and-one half story brick apartment building with on-site parking adjacent to the local fire department. The property includes two studios and 32 one-bedroom apartments. The Prince Street property is a three-story brick building that includes 28 one-bedroom apartments.
A private lender funded the transaction. Mr. Squires remarked, “the cap rate was in the low 5’s and because of the tight cash flow, conventional lenders hesitated to offer customary terms. The purchaser ultimately arranged private financing so that we could move forward with a fast closing.”
Both properties are within a half mile of the Elizabeth Train Station with direct access to New York City and close to local schools and shops in downtown Elizabeth. Combined, the properties are at 90% occupancy.
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 35 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.