49 Prospect St. in East Orange — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The Kislak Co. Inc. has sold an apartment portfolio spanning five properties in East Orange, in what the firm says is the largest multifamily sale in the city since 2012.
The firm did not disclose the parties it represented in the $19.6 million transaction, but said the deal included fully occupied 223 units. Vice President Robert Squires represented the seller, while Vice President Jonathan Greenberg represented the purchaser.
The properties include:
- 49 Prospect St., with 53 units
- 60 North Arlington Ave., with 52 units
- 112 Lincoln St., with 44 units
- 17 Summit St., 42 units
- 440-450 Prospect St., with 31 units
“This was an extraordinary sale in a very competitive market,” Robert Holland, president of Kislak, said in a prepared statement. “The market for multifamily properties remains very strong throughout our core markets, especially northern New Jersey. East Orange is no exception with its strong rental market, low vacancies and close proximity to New York City.
“Rob and Jon did an exceptional job facilitating this transaction and guiding it through to closing.”
All of the properties are located within close proximity of one another and within walking distance of the Brick Church and East Orange train stations, Woodbridge-based Kislak said. They were fully occupied at the time of closing.
“There is huge demand for well-maintained apartment buildings in East Orange, especially for those within walking distance of mass transit,” Squires said. “We brought this portfolio to a group we have worked with previously who were comfortable closing a transaction of this size. The transaction progressed relatively smoothly and the buyer took advantage of today’s historically low interest rates.”
Kislak cited CoStar data in noting that the transaction was the largest multifamily sale in East Orange since 2012.
“There are new standards for pricing and cap rates as more and more properties trade,” Greenberg said. “While this transaction was under contract, several other properties closed for higher prices, reconfirming the buyer’s understanding that East Orange has great potential for appreciation.”
