S.V.P. Don Baxter, S.V.P. Scott Davidovic & V.P. Michael Kossak Represent Purchaser in 11-Unit Multifamily Sale
WOODBRIDGE, N.J., November 2, 2021 – The Kislak Company, Inc. announced the recent sale of an 11-unit multifamily property located at 43 Cottage Street in South Orange, Essex County, New Jersey, for $3,075,000.
Senior vice presidents Don Baxter and Scott Davidovic and vice president Michael Kossak represented the purchaser in the transaction. The parties’ names were not disclosed.
The property is an 11-unit apartment building with on-site surface and covered parking located in the heart of South Orange four blocks east of the train station and four blocks west of Seton Hall University. The unit mix includes three one-bedroom apartments and eight two-bedroom apartments, and the building includes many recent improvements.
“More New York City investors are turning to New Jersey given the favorable upside in rents,” said Mr. Baxter. “Here, the purchaser took advantage of the competition who were awaiting a COVID-19-related wave of price reductions that never occurred. In fact, the opposite occurred as the market has continued to strengthen.”
“The property traded for almost $280,000 per unit, which is a record per unit price for a smaller apartment building in South Orange,” said Mr. Davidovic. “The purchaser was also able to take advantage of today’s historically low interest rates.”
“The property is ideally located within walking distance of downtown South Orange,” said Mr. Kossak. “Tenants today are drawn to transit-oriented locations such as this that provide ease of travel and include a variety of social, entertainment and dining options within walking distance.
South Orange is a wealthy and diverse community with a thriving downtown only 20 west of New York City. It has been ranked as one of the “Top 25 Towns in New Jersey” by New Jersey Monthly magazine and is home to Seton Hall University.
Don Baxter joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout New Jersey with emphasis on Hudson County. In 2007, he received Kislak’s Rookie of the Year Award, and in 2008 and 2009, he received the company’s Salesperson of the Year Award.
Scott Davidovic joined Kislak in 2006 and specializes in the sale of multifamily properties with a focus on land and development throughout northern New Jersey. After his first year with Kislak, he received the firm’s Rookie of the Year award, and he also received the firm’s Sima Kislak Jelin Salesperson of the Year award in 2014.
Michael Kossak joined the firm in 2016 and specializes in the sale of investment properties in northern New Jersey.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm 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, Delaware, and Florida through an affiliate.
Now in its 115th year, Kislak was among a select group of firms recognized as a 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition.