S.V.P. Scott Davidovic, V.P. Michael Kossak & S.V.P. Andrew Scheinerman Arrange Off-Market Sale
Woodbridge, N.J., July 7, 2022 – The Kislak Company, Inc. announced the recent off-market sale of a three-property multifamily portfolio in North Arlington, Bergen County, New Jersey for $8,441,836. The portfolio consists of the following properties.
Ridgeview Apartments, 132-136 Ridge Road with 37 residential units and four offices;
124-126 Ridge Road with four residential units and three retail spaces; and
3 Wesley Place with two residential units.
Kislak arranged the off-market sale with senior vice president Scott Davidovic, vice president Michael Kossak and senior vice president Andrew Scheinerman handing the assignment. The sellers consisted of various family partnerships and the purchaser was a longtime Kislak client.
The sale marked the first time the properties had been sold in 106 years.
Mr. Kossak commented, “Despite rising interest rates, there is still tremendous demand from investors looking to purchase value-add multifamily properties such as these in northern New Jersey. This off-market deal had its challenges but fortunately, Andrew has a great longtime relationship with the purchaser who has an incredibly strong track record navigating and ultimately closing tough deals.”
Mr. Scheinerman added, “The purchaser was immediately attracted to the size of the deal as well as the density covering half a city block of North Arlington. Despite many property- and partnership-related hurdles that the sellers had to overcome prior to closing, the purchaser stayed engaged on the deal for two years prior to closing.”
The properties are conveniently located in a well-established neighborhood on and just off of Ridge Road, which is the borough’s main commercial and shopping area near local schools and with easy access to nearby Route 3. The properties are well maintained with a long history of full occupancy.
Ridgeview apartments consists of 27 one-bedroom units, 10 two-bedroom units and four offices. The 124-126 Ridge Road property consists of two one-bedroom units, two two-bedroom units and three retail spaces. The Wesley Place property is a two-family home with a one-bedroom unit and a two-bedroom unit.
North Arlington is a borough in Bergen County, New Jersey approximately 10 miles west of New York City. It was ranked eighth by Money magazine on its list of “Best Places to Live 2017”, which cited the borough’s healthy economy, affordable homes and a high quality of life.
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. He received Kislak’s 2007 Rookie of the Year award and 2014 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 N.J. 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.
Andrew Scheinerman joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received Kislak’s 2011 Rookie of the Year award and was promoted to a vice president in 2017 and a senior vice president in 2022. His investment sales total more than $300,000,000.
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.