V.P. Matt Wolf Arranges Exclusive Sale
Woodbridge, N.J., January 26, 2021 – The Kislak Company, Inc. announced the recent sale of a historic building with 23 residential units located at 30 South New Street in Dover, Delaware for $1,350,000.
Kislak marketed the property on an exclusive basis in partnership with a local broker with Vice President Matt Wolf handling the assignment, and he also procured the purchaser. Mr. Wolf commented upon the seller’s established relationship with Kislak: “The seller is a longstanding client, and this is now the fourth transaction that we closed together.”
Built in 1985 as Dover’s first high school, the two-story brick building was redeveloped as an apartment building in what is more recently called Dover’s Opportunity Zone. Opportunity Zones, created nationally as part of the 2017 Tax Cuts and Jobs Act, designate economically disadvantaged areas that can offer strong tax incentives to investors willing to utilize capital in them. Highlighting this and other value-add aspects of the transaction such as below market rents, Mr. Wolf reported: “Our platform generated a wide range of offers from buyers located in Pennsylvania, Delaware, and New Jersey.”
The building’s unit mix is comprised of three studios, 11 one-bedrooms, eight two-bedrooms, and one three-bedroom. Amenities include onsite parking and laundry facilities. Average occupancy at the time of the sale was approximately 86%.
Within walking distance of nearby Wesley College, the property is not far from downtown Dover, also the capital of Delaware, and home to other historic attractions like the First State Heritage Park and Amish Country, as well as the twice-yearly NASCAR races. Routes 1 and 13, major roads easily accessed, run north/south throughout the state.
Mr. Wolf joined Kislak in 2017, following over a decade of success in the commercial real estate industry focused on multifamily and other investment sales transactions in central and eastern Pennsylvania. In 2020, he earned Kislak’s prestigious Producer of the Year award. Mr. Wolf is also a Certified Commercial Investment Member and also holds a Pennsylvania broker’s license.