1 Noll Place in Newark — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A local apartment owner has sold a three-building, 44-unit portfolio in Newark for $5.3 million, brokers with The Kislak Co. Inc. announced Thursday.
According to the team, the properties include a pair of multistory, brick structures at 1 and 2 Noll Place with 21 and 15 units, respectively. The other is a two-story building at 532 Sanford Ave., which has eight apartments and one retail space.
Kislak Vice President Michael Salomon marketed the properties on behalf of the seller, Blackfoot Realty 8 LLC, while Senior Vice President Don Baxter and Vice President Michael Kossak represented the buyer, Feiner Properties LLC.
“Newark investors continue to see the tremendous upside in multifamily properties,” Salomon said. “Prices and cap rates remain strong and as always, there are more buyers than sellers.”
Kislak announced the deal Thursday, noting that the properties include some units with renovated kitchens and bathrooms and boilers, water heaters and roofs replaced less than 10 years ago. The Sanford Avenue property was fully renovated in 2017 and 2018.
“Sellers are taking advantage of a perfect storm with these recent sales — a climate tempered by a lack of inventory coupled with relatively low interest rates,” Baxter said. “Investors who waited during the pandemic have cash to place in safe investments such as these. Conversely, those who purchased during the pandemic have assets that have already appreciated. No investment has stood the test of time like real estate, specifically, multifamily properties — and the last few years have been a perfect case study to prove this.”
Kossak added: “The demand for ‘value-add’ apartment buildings in Essex County is extremely strong. This particular purchaser was eager to acquire properties such as these that are not always easy to find.”
