611 Clinton Ave. in Newark — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A multifamily owner has reaped nearly $8 million from the sale of a four-building, 56-unit portfolio in Newark, following a transaction arranged by The Kislak Co. Inc.
The largest properties in the deal include a 20-unit building at 981-983 18th Ave. and a 17-unit structure at 611 Clinton Ave., the brokerage firm said. The portfolio also includes 13 units at 969-971 18th Ave. and six units with two retail spaces at 550 Springfield Ave.
Kislak Vice President Michael Salomon represented the unnamed seller and procured the buyer in the $7.9 million transaction.
“The demand for Newark multifamily properties remains strong and prices continue to rise,” Salomon said.
In a news release, Kislak noted that the portfolio consists of four multistory brick apartment buildings, all within close proximity to one another. The properties have renovated kitchens with stainless steel appliances, new cabinetry, countertops and flooring.
The firm also touted the buildings’ proximity to parks, cultural centers and educational institutions, along with retail offerings, mass transit and highways such as the Garden State Parkway and Interstate 78.
