57-61A East Park St. in East Orange and 463-475 Park Ave. in Orange — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A third-generation apartment owner has sold a two-property, 68-unit portfolio in Essex County for $8 million, in a deal arranged by The Kislak Co. Inc.
According to the brokerage firm, the assets include 22 units at 57-61A East Park St. in East Orange and 46 units at 463-475 Park Ave. in Orange. Kislak Executive Vice President Joni Sweetwood brokered the trade on behalf of the seller, Al-Kel Realty LLC, while also procuring Shelly Holders LLC as the buyer.
Both are repeat clients.
“This purchase was a ‘homerun’ for the purchaser since the properties are in the best parts of the areas where they currently own,” Sweetwood said. “Purchasers seek older properties in great locations to add value to their portfolios.”
To that end, the buyer kept units vacant at the properties after contract signing, with all apartments projected to be substantially upgraded on turnovers, Kislak said. The new owner also is planning exterior and common areas enhancements.
The East Orange property is a two-story, garden-style brick apartment building with studio, one-bedroom and two-bedroom units, with on-site parking and professional landscaping. The Orange property, which is just minutes away, is a three-story, garden apartment complex with 46 one-bedroom units, some with balconies, all with on-site parking.
Both properties are located in suburban areas within walking distance of schools and restaurants, near multiple NJ Transit stops and less than five miles from several large nature preserves.