Sanzari Residential LLC sold a 38-unit apartment property at 403 Prospect Ave. and 333 Passaic St. for $6.45 million, the largest among three recent sales. — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An affiliate of Alfred Sanzari Enterprises has sold an 87-unit apartment portfolio in Bergen County for nearly $16 million, in a series of deals arranged by The Kislak Co. Inc.
The brokerage firm represented Sanzari Residential LLC in the sale of the three properties to unnamed investors. The largest among them is a 38-unit complex at 403 Prospect Ave. and 333 Passaic St. in Hackensack, which sold for $6.45 million.
Kislak Vice President Andrew Scheinerman completed the assignment on behalf of Sanzari, while Vice President Robert Squires procured the buyer. Scheinerman also represented the seller in the $4.9 million sale of Riverside Terrace, a 24-unit property at 114-138 River Road in Bogota, and the $4.375 million sale of Queen Anne Apartments, a 25-unit property at 230 Polifly Road in Hackensack.
“Our offering of the portfolio presented an extraordinary opportunity for investors to acquire well-maintained and well-performing garden apartments in among the strongest rental markets in northern New Jersey,” said Scheinerman, who also procured the buyers of Riverside Terrace and Queen Anne Apartments. “The sales resulted in a record per unit price of more than $180,000.”
All of the properties were fully occupied at the time of closing, according to a news release.
Oritani Bank provided financing for each purchase. Attorney Richard Kahn of Winne Banta Basralian & Kahn P.C. represented the seller in each transaction, while Kevin Kelly of Kelly, Kelly, Marotta & Tuchman LLC represented the purchaser of the property on Prospect Avenue and Passaic Street and Joseph Maccarone of Maccarone Law represented the purchaser of Queen Anne Apartments.