111 and 117 Belgrove Drive in Kearny — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has purchased a five-building, 65-unit apartment portfolio in Kearny for nearly $11 million, in a newly announced transaction by The Kislak Co. Inc.
According to the brokerage firm, the properties include a pair of 20-unit brick buildings at 111 and 117 Belgrove Drive, a 16-unit structure at 12 Grant Ave. and buildings at 160 Stuyvesant Ave. and 9 Maple St. All five benefit from an ongoing shift in Kearny, where builders have redeveloped former industrial sites to create new luxury apartments and retail space, along with its proximity to mass transit options such as NJ Transit and PATH service.
“This sale, handled completely off market in competition with other brokers, shows the strength of our clients who are consistently paying top dollar and are strong closers,” said Scott Davidovic, a senior vice president with Kislak. “The purchaser completed his due diligence pre-contract with minimal contingencies, which we encourage when appropriate, demonstrating professionalism not only to be awarded a deal but to close as well.”
Davidovic and Michael Kossak, a vice president with the Woodbridge-based brokerage firm, represented both parties in the $10.915 million trade. They noted that the portfolio comes with upside potential for the buyer, who has implemented his management company’s systems and will renovate any vacant apartments to increase rents to market price.
The Stuyvesant Avenue building also has one retail space.
“These are the exact types of properties clients are aggressively looking to purchase, and the area is drawing new renters who may need to commute to New York City as nearby public transportation is easily accessible,” Kossak said. “Several new residential developments have also been completed or are underway in the area.”