V.P. Davis Briones Arranges Exclusive Sale of 21 Units in Hudson County
Woodbridge, N.J., July 5, 2022 – The Kislak Company, Inc. announced the recent sale of a 21-unit multifamily property at 319 Summit Avenue in Jersey City, Hudson County, New Jersey, for $3,850,000.
Kislak marketed the property on an exclusive basis with vice president Davis Briones handling the assignment, and he also procured the purchaser 319 Summit, LLC.
Mr. Briones commented, “There is still strong demand for value-add multifamily properties in Hudson County despite rising interest rates and somewhat stagnant cap rates. This was sub-5% cap rate deal with a 30% property vacancy and the purchaser used a private lender.”
Built in 1920, the 25,000-square-foot four-story brick building consists mostly of below market-rate rentals – 15 one-bedroom and six two-bedroom units with three owner-occupied, two-bedroom units which, upon vacancy, are considered market-rate units consistent with municipal rent control regulations. Future capital improvements present a value-add opportunity to increase rents to market rates.
The property is conveniently located in the Journal Square section of Jersey City – a desirable residential area, business district, and transportation hub in the city. Local organizations in cooperation with a redevelopment plan are upgrading older buildings in the area and bringing in new businesses, condos and entertainment centers to the neighborhood.
Davis Briones joined Kislak in 2014 and specializes in the sale of multifamily and other investment properties in Hudson County, New Jersey. He received the firm’s 2016 Rising Star award and was later promoted to a vice president.
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 thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.