From left: The Madison at 147 Main St. in Ridgefield, The Manor at 257 Grant Ave. in Cliffside Park and 200-210 Broad Ave. in Leonia — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A development and investment firm has sold an 85-unit multifamily portfolio in Bergen County for more than $19 million, according to brokers with The Kislak Co. Inc.
In a news release, Kislak said the fully leased portfolio includes a 36-unit property known as The Madison at 147 Main St. in Ridgefield, along with a 34-unit building known as The Manor at 257 Grant Ave. in Cliffside Park. A third property, located at 200-210 Broad Ave. in Leonia, is a garden-style complex with 15 units.
Kislak senior vice presidents Robert Squires and Don Baxter represented the sellers, Andrew Miller and Bennat Berger of Novel Property Ventures. They also procured the purchaser, Titanium Capital Partners, in the $19.2 million transaction.
“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,” Squires said. “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.”
Kislak noted that the seller had completed many capital improvements throughout the properties. The firm added that some 30 percent of the units had been fully renovated, which leaves significant upside for the purchaser when the remaining renovations are completed.
“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,” Baxter said. “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.”
Attorneys Joshua Greenfield and David Freylikhman represented the buyer and seller, respectively, with financing arranged by Elliot Treitel of Meridian Capital Group.