31-49 North Fullerton Ave. in Montclair — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has paid more than $17 million for a 68-unit apartment building and a nearby property in downtown Montclair, in a deal brokered by The Kislak Co. Inc.
The firm on Wednesday said it represented Oak Tree Capital LLC, a family-owned investment group and longtime client, in the sale of 31-49 North Fullerton Ave. and 36 Forest Ave. Kislak also represented the buyer, Falad Properties LLC, in the $17.25 million trade.
Vice President Joseph Keenan completed the assignment for the Woodbridge-based brokerage.
“I am grateful to have been a part of this transaction,” Keenan said. “I have known the seller for over 12 years and we completed many deals together. I was honored when he approached me to sell these properties that he and his siblings had owned for nearly 20 years.
“The purchaser is a part of a multi-generational real estate family and this is the second deal he has closed since forming his own company. I am thrilled that he purchased these properties and look forward to closing many more deals together in the future.”
Kislak said the property at North Fullerton Avenue is a prewar, five-story elevator building with 68 units including a mix of studios, one-bedrooms and two-bedrooms. The firm also touted the complex’s eat-in kitchens, with separate dining, living and bedroom spaces.
The property on Forest Avenue is a three-story, shingled house containing two units and was previously purchased to expand the parking availability for the residents at the North Fullerton building, Kislak said. The properties, which are within walking distance of the Walnut Street train station, changed hands in less than 10 days.
“The purchaser was quick to act due to the significant upside in rents and Montclair’s lack of rent control,” Keenan said. “There is a voracious appetite among investors for well-located, high quality multifamily properties. Buildings of this size in this location do not come on the market often.”
Joshua Herbst was the attorney for Oak Tree Capital, while David Faloni represented Falad Properties in the sale. Oritani Bank provided financing for the buyer, who plans to immediately upgrade all apartment interiors.