4 Highland Ave. in Belleville — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has acquired 11 condominiums in Belleville for nearly $2.2 million, in one of two newly announced deals by The Kislak Co. Inc.
The brokerage firm represented the developer of the condos, which are part of a three-story brick building at 4 Highland Ave. completed in 1987, according to a news release. The $2.175 million deal consisted of all but one of the units at the property, Kislak said, noting that the apartments have two-bedroom layouts with more than 1,200 square feet, basement storage and two designated parking spaces for each resident.
Kislak Vice President Thomas Scatuorchio handled the assignment.
“The seller is the family of the original developer who controlled the condominium association and rented the 11 units as market-rate apartments,” Scatuorchio said “The property is in impeccable condition and the units are large with ideal layouts.”
He added that the buyer “capitalized on the unique opportunity to purchase nearly all of the units in this building, allowing him to effectively run the property as a multifamily investment.”
“Given the quality and size of the units, there is a significant value-add opportunity, which enabled us to achieve a per unit price that exceeds current market pricing,” he said. “The purchaser intends to maintain the property in its current form and eventually increase rents to market levels.”
Scatuorchio also brokered the sale of a five-unit residential building at 222 Williams St., also in Belleville, for $885,000. The three-story property also includes a three-car garage and ground-floor space with development potential.
“This transaction is a prime example of the investment trends in the Belleville area,” Scatuorchio said. “The seller is a long-term local owner who maintained the property very well. The purchaser was able to acquire a stabilized asset with opportunity for rent increases requiring minimal capital expenditure, and further value add potential by leasing additional units.”
Kislak, which is based in Woodbridge, noted that the Belleville buildings are within walking distance of multiple NJ Transit bus stops and less than two miles from the light rail service to Newark Penn Station. They are also minutes from Clara Maass Medical Center, one mile from the Garden State Parkway and 13 miles from New York City.
