32 Dayton St. in Newark — Courtesy: The Kislak Co.
By Joshua Burd
Two Newark multifamily properties with a combined 37 units have changed hands for nearly $2.5 million, following a deal arranged by The Kislak Co.
Brokers with the firm represented the seller of both brick apartment properties, which include a 21-unit building at 32 Dayton St. and a 16-unit building at 377 Clinton Place, according to a news release. The names of the parties involved were not disclosed.
Kislak Sales Associate Michael Salomon completed the assignment and procured the buyer, noting that the properties sold at a cap rate of 7.1 percent.
“This sale exemplifies the continued strength of the Newark multifamily market,” Salomon said. “The city’s renaissance continues and, as a result, multifamily investments remain strong,”
In a news release, Kislak said the Dayton Street property is a four-story building with recently renovated apartments across from Weequachic Park. Recent improvements include new kitchens, windows, electrical panels, a boiler and a roof.
The two-story Clinton Place property houses a mix of one-, two- and three-bedroom units under a newly replaced roof, Kislak said, touting both assets’ location in the Dayton neighborhood of Newark’s South Ward. The brokerage also pointed to the city’s ongoing revitalization and a wave of new investment from developers and employers.