Ridgeview Apartments at 132-136 Ridge Road in North Arlington — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A portfolio of 43 apartments and commercial space in North Arlington has changed hands for the first time in more than a century, according to brokers with The Kislak Co. Inc.
The properties, which traded for more than $8.4 million, include the 37-unit Ridgeview Apartments at 132-136 Ridge Road. Also changing hands in the deal are 124-126 Ridge Road, which has four residential units and three retail spaces, and a two-family home at 3 Wesley Place.
The sale, which also included four offices at Ridgeview Apartments, marked the first time the properties had been sold in 106 years. Kislak Senior Vice President Scott Davidovic, Vice President Michael Kossak and Senior Vice President Andrew Scheinerman brokered the off-market transaction.
“Despite rising interest rates, there is still tremendous demand from investors looking to purchase value-add multifamily properties such as these in northern New Jersey,” Kossak said. “This off-market deal had its challenges but fortunately, Andrew has a great longtime relationship with the purchaser who has an incredibly strong track record navigating and ultimately closing tough deals.”
The sellers consisted of various family partnerships, the brokers said. The purchaser was a longtime Kislak client.
“The purchaser was immediately attracted to the size of the deal as well as the density covering half a city block of North Arlington,” Scheinerman said. “Despite many property- and partnership-related hurdles that the sellers had to overcome prior to closing, the purchaser stayed engaged on the deal for two years prior to closing.”
In a news release, Kislak said the properties sit in a well-established neighborhood on and just off Ridge Road, the borough’s main commercial and shopping area near local schools, with easy access to nearby Route 3. Ridgeview Apartments consists of 27 one-bedroom units, 10 two-bedroom units and four offices.
