V.P. Michael Salomon, S.V.P. Don Baxter & V.P. Michael Kossak Arrange Exclusive Sale
Woodbridge, N.J., May 5, 2022 – The Kislak Company, Inc. announced the recent sale of a three-building multifamily portfolio in Newark, Essex County, New Jersey, for $5,300,000. The properties are located at 1 and 2 Noll Place and 532 Sanford Avenue.
Kislak marketed the portfolio on an exclusive basis with vice president Michael Salomon managing the assignment on behalf of the seller, Blackfoot Realty 8, LLC. Senior vice president Don Baxter and vice president Michael Kossak represented the purchaser, Feiner Properties, LLC.
The portfolio consists of three, multi-storied, brick apartment buildings – 44 residential units and one retail space in total — all in good condition and within close proximity to one another. The buildings include some units with renovated kitchens and bathrooms; and boilers, water heaters and roofs replaced less than 10 years ago.
The properties at 1 and 2 Noll Place consist of 21 and 15 residential units respectively and offer upside in rents. The property at 532 Sanford Avenue, a two-story building consisting of eight units and one retail space, was fully renovated in 2017 and 2018.
Mr. Salomon highlighted the current market trend: “Newark investors continue to see the tremendous upside in multifamily properties. Prices and cap rates remain strong and as always, there are more buyers than sellers.”
Mr. Baxter commented: “Sellers are taking advantage of a perfect storm with these recent sales – a climate tempered by a lack of inventory coupled with relatively low interest rates. Investors who waited during the pandemic have cash to place in safe investments such as these. Conversely, those who purchased during the pandemic have assets that have already appreciated. No investment has stood the test of time like real estate, specifically, multifamily properties; and the last few years have been a perfect case study to prove this.”
Mr. Kossak added: “The demand for ‘value-add’ apartment buildings in Essex County is extremely strong. This particular purchaser was eager to acquire properties such as these that are not always easy to find.”
Michael Salomon joined Kislak in 2013 and specializes in the sale of multifamily and other investment properties in northern New Jersey. He holds a Bachelor of Science in Business Administration from the University of Hartford and is a member of the New Jersey Apartment Association and the Property Owners Association of New Jersey. Mr. Salomon has completed transactions valued at over $80 million.
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 Sima Kislak Jelin Salesperson of the Year Award.
Michael Kossak joined Kislak in 2016 and specializes in the sale of investment properties with a focus on retail, mixed-use, and multifamily properties throughout Essex and Hudson Counties. A member of the New Jersey Apartment Association and the International Council of Shopping Centers, he was named a “Thirty under 30” real estate professional by The Mid Atlantic Real Estate Journal in 2020.
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.