By Joshua Burd
A private investor has sold a three-building, 37-unit apartment portfolio in Paterson for nearly $6.3 million, according to brokers with The Kislak Co. Inc.
The portfolio, which was fully occupied at the time of the sale, includes a 19-unit property with six retail spaces at 257-261 Rosa Parks Blvd. in the city. The other buildings comprise 15 units at 11-17 Governor St. and 13 units at 324 Hamilton Ave.
Kislak Senior Vice President Joseph Keenan represented the buyer and seller, which are both New York-based investors. The sale price totaled $6.286 million.
“I represented the seller in the acquisition of these properties approximately 18 months ago,” Keenan said. “The price negotiated at the time was quite below market value which allowed the seller to invest in the properties and then re-sell them for a handsome profit.”
The properties are walk-up buildings with mostly two-bedroom apartments in above average condition, Kislak said. Located in Paterson’s Wrigley Park section, the buildings are all within close proximity and are within walking distance of bus and commuter rail service.
“The Paterson market has become very attractive to investors, both locally and beyond with its close proximity to New York City and extremely high population density,” Keenan said. “Both the seller and purchaser are New York-based with the purchaser expanding his footprint in the market and the seller in the process of exchanging into larger properties.”