ANIA Management has tapped The Kislak Co. to sell a portfolio of 85 multifamily properties across Paterson. — Courtesy: Kislak
By Joshua Burd
One of Paterson’s most prolific developers is looking to sell an expansive multifamily portfolio, having retained The Kislak Co. Inc. to find a buyer for the collection of 85 properties.
The listing team said Charles Florio, founder and CEO of ANIA Management, aims to shift the firm’s management efforts from its established assets to focus on new projects in the Silk City. That gives would-be investors a chance to acquire the properties with the benefit of ongoing appreciation, given the developer’s plans for continued and even more ambitious investments.
“The portfolio represents a lifetime of strategic investment and community-focused development by Florio, a leader in Paterson’s recent residential boom,” Kislak wrote in a news release Tuesday. “Spanning nearly every corner of the city, the portfolio offers a rare and comprehensive cross-section of Paterson’s architectural history ranging from preserved and renovated prewar gems to new developments that have raised the standards for luxury and workforce housing in and around Paterson.”
Kislak senior vice presidents Don Baxter and Michael Salomon, CEO Jason Pucci and the firm’s entire sales team will leverage their extensive networks of investors and institutional and private capital to identify the next stewards of the portfolio, the news release said. The diversity of the assets — by size and vintage — represents what the firm called a once-in-a-generation opportunity for investors to acquire a dominant stake in a market that is being actively improved by the city’s most dedicated developer.
“It is an honor to handle the assignment,” Baxter said. “Knowing Mr. Florio, his family and team for over 20 years, I have witnessed firsthand his tireless and incomparable efforts to improve the city.”
Kislak, a New Jersey institution for more than a century, has closed 1,700 transactions valued at $7 billion over the past decade. The firm noted that Paterson is the largest city in and the county seat of Passaic County, while it’s the state’s third-most-populous municipality with an increasing population that has helped the historic mill town evolve in recent years.
The city is now a major destination for immigrants and a regional employment hub with a strong and expanding rental market, often favored for its affordability compared to New York City and proximity to transit,” Kislak said. Surrounded by parks and rivers, Paterson offers the conveniences of a big city — easy access to transportation, major employers in or near the city, parks and recreational spaces and restaurants with a wide range of cuisines — all in a location that’s just 20 miles from New York City.
