Arlington Court Apartments at 220 Arlington Ave. in East Orange — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A longtime owner has sold a three-building, 53-unit apartment complex in East Orange for $6.3 million, in a newly announced deal by The Kislak Co. Inc.
Joni Sweetwood, an executive vice president with the brokerage firm, represented North Arlington Mgmt. LLC in its sale of Arlington Court Apartments at 220 Arlington Ave. She also procured the buyer, Realty 25 LLC, noting that the property is well-maintained while citing its strong value-add potential through rent increases and renovation of an on-site garage.
Woodbridge-based Kislak added that the complex is near the Garden State Parkway and Interstate 280 and within walking distance of the East Orange train station. At closing, the collection of studio, one-bedroom and two-bedroom apartments was fully occupied.
“The unique aspect of this transaction was addressing the underground garage, which was out of service,” Sweetwood said. “It took a considerable amount of time and effort to address and resolve the issues surrounding it. However, with the right buyer, seller and salesperson combination, we were able to resolve the issues and close.
“I have known both the parties for many years and have transacted with them many times.”
