S.V.P.s Robert Squires and Don Baxter Orchestrate Exclusive Sale of 85 Units
Woodbridge, N.J., August 6, 2020 – The Kislak Company, Inc. announced the recent sale of an 85-unit multifamily portfolio in Bergen County New Jersey for $19,200,000. The portfolio includes the following properties: The Madison with 36 units located at 147 Main Street in Ridgefield Park, The Manor with 34 units located at 257 Grant Avenue in Cliffside Park, and a 15-unit building located at 200-210 Broad Avenue in Leonia.
Kislak marketed the portfolio on an exclusive basis with senior vice president Robert Squires handling the assignment on behalf of longtime clients Andrew Miller and Bennat Berger of Novel Property Ventures. Mr. Squires partnered with senior vice president Don Baxter and they procured the purchaser, Titanium Capital Partners.
The portfolio sale price represented a per unit price of over $225,000 and reflected a capitalization rate of approximately 5%. The sale was also among the largest multifamily sales in Bergen County in 2020 and the largest sale since New Jersey’s COVID-19-related shutdown according to data available from CoStar.
At the time of closing, the properties were 100% occupied.
Mr. Squires commented: “This transaction started just before COVID hit, after which there was much uncertainty in the market about rent collections, vacancies, the overall outlook in the capital markets, and many other things. Throughout the transaction, we monitored these potential issues. Fortunately, the strength of the Bergen County rental market remained consistent with collections and occupancy levels almost unchanged from the months prior to CO.”
The three buildings in the portfolio have been extremely well-maintained and the seller had completed many capital improvements throughout the properties. Approximately 30% of the units had been fully renovated, which leaves significant upside for the purchaser when the balance of renovations is completed.
Remarking on the strength of the multifamily investment sales market, Mr. Baxter said, “It was a pleasure working with the purchaser and mortgage broker over the last 13 years and I’m happy the purchaser acquired such great assets. If a global pandemic cannot convince cautious buyers about the safety and the value of multifamily properties, nothing will. No other investment has stood the test of time so well. I feel more fortunate now than ever to be in this profession.”
Situated in a residential neighborhood, The Madison is a six-story brick building in Ridgefield Park with 26 one-bedroom and 10 two-bedroom apartments with a new elevator and parking lot, and on-site laundry. Of the 36 units, 30 have balconies, which is a desirable amenity for tenants.
The Manor is four-story brick pre-war building in Cliffside Park with predominately one-bedroom units. The location is considered a walker’s paradise with its proximity to schools, shops, restaurants and public transportation. “This is one of the nicest pre-war buildings I have had the pleasure of working on,” added Mr. Squires. “The lobby had been hand-painted and there were so many beautiful details throughout.”
The two-story garden apartment complex in Leonia includes a total of 15 large one-bedroom apartments with nine garages on site. The buildings, all in prime locations, are close to nearby highways, bus, and rail transit; approximately five to seven miles from New York City and only a half-hour or less drive from LaGuardia and Newark Liberty International Airports.
Joshua Greenfield, Esq., and David Freylikhman, Esq. represented the purchaser and seller, respectively, with financing arranged by Elliot Treitel of Meridian Capital Group.
Robert Squires joined Kislak in 2003 and specializes in the sale of multifamily and other investment properties throughout New Jersey. Consistently among the firm’s leading producers, he received Kislak’s 2017 and 2016 Sima Kislak Jelin Salesperson of the Year award and its 2017 Producer of the Year award. Also in 2017, Squires earned the historic distinction of becoming Kislak’s all-time leading salesperson in any calendar year in the firm’s then 111-year history.
Don Baxter joined Kislak in 2006 and is consistently among the company’s leading producers. He 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.
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 and Delaware.
Now in its 114th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition.