Brighton Estates at 1 and 13-53 Brighton Ave. in Belleville — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The longtime owner of a 95-unit garden apartment complex in Belleville has sold the property for nearly $12 million, in a newly announced deal by The Kislak Co. Inc.
In a news release, the brokerage firm said Vice President Tom Scatuorchio represented the seller in the trade of Brighton Estates at 1 and 13-53 Brighton Ave. The deal is the largest multifamily sale in Essex County in more than a year, Kislak said, citing data from CoStar and touting the complex’s location near both mass transit and major highways.
A buyer listed as MC Brighton LLC, an affiliate of a longtime client, paid $11.8 million in the transaction with Brighton Estates Inc.
“Given the size, location and tremendous upside potential of the property given its below-market rents, our marketing efforts resulted in a dozen offers,” Scatuorchio said. “However, the sale also coincided with the sharp rise in interest rates throughout 2023, which added a layer of complexity to the transaction. The closing is a testament to the strong rental market in Belleville and purchaser’s strength and perseverance.”
Kislak Senior Vice President Andrew Scheinerman procured the buyer. Christopher Carola of Lakeland Bank arranged financing provided by the lender, with the team of Genesis Stokes and Perry Florio of Waters, McPherson, McNeill PC providing legal counsel to the seller and Scott Herzog of the Law Offices of Scott Herzog LLC representing the buyer.
“We have closed more than two dozen transactions with the purchaser and this property will be an ideal addition to their portfolio given its size, location and significant upside potential,” Scheinerman said. “Belleville and the surrounding areas are strong rental markets and it is rare that a property of this size becomes available.”
Built in 1962, Brighton Estates consists of three two-story brick apartment buildings on just over an acre, the news release said. The property includes a mix of studio, one-bedroom and two-bedroom homes, with recent improvements including new windows and pitched roofs within the last 10 years.
Kislak added that the complex is within a residential neighborhood within walking distance of Clara Maas Medical Center, less than a mile from NJ Transit’s Silver Lake light rail station and one mile from the Garden State Parkway.
