Regina Towers at 174 South Harrison St. in East Orange — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A portfolio of nearly 650 apartments across 22 buildings in Essex County is on the market for sale, in a newly announced offering by The Kislak Co. Inc.
According to the brokerage team, the portfolio includes 15 buildings in East Orange with 472 units and seven in Irvington with 175 units. The firm noted that the properties are professionally managed and have been upgraded over the past 25 years, with many of the homes having been recently renovated, while each is near a bus stop and has easy access to major highways, including the Garden State Parkway and interstates 280 or 78.
Kislak Senior Vice President Scott Davidovic is leading the assignment on the sellers’ behalf.
“This is an extraordinary opportunity for a purchaser to acquire hundreds of units and a sizeable portion of the market in an extremely fast-growing area, which is among the strongest rental markets in northern New Jersey,” Davidovic said. “The properties are in close proximity to multiple train stations and the new Crossings at Brick Church Station development that includes Goldman Sachs as an investment partner.”
In a news release, Kislak noted that tenants in 11 of the buildings pay for their own heat, hot water and electric usage. Additionally, 14 of the properties have on-site parking for 382 vehicles.
The firm added that the East Orange buildings are near the Brick Church and East Orange train stations, with service to Newark Penn Station and New York City.
“The properties may be purchased separately or together and include attractive assumable financing,” Davidovic said.
