51 Summit Ave. in Newark — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A four-building, 69-unit apartment portfolio in Newark has changed hands for nearly $6 million, following a newly announced transaction by The Kislak Co. Inc.
Brokers with the firm represented the seller of the portfolio, which includes 12 units at 48 Millington Ave., 16 units at 51 Summit Ave., 20 units and a developable lot at 291 Wainwright St. and 21 units at 535 Hawthorne Ave. Kislak represented the seller.
“After we were engaged exclusively to sell the portfolio, we marketed the properties, conducted guided tours and led a competitive bid process in order to achieve the highest and best price for the seller,” said Robert Squires, a senior vice president with the Woodbridge-based brokerage, who completed the assignment with the support of Sales Associate Michael Kossak.
Kislak Senior Vice President Jeff Squires procured the purchaser, which paid $5.8 million.
The portfolio, which was 100 percent occupied at the time of the sale, consists of four three-story brick apartment buildings all within close proximity of one another, Kislak said. The developable lot is currently used for parking and includes a cell tower lease pending municipal approval, offering potential increased revenue.
“There is a huge demand for well-maintained apartment buildings in northern New Jersey and these buildings, in a great rental market, offer a large upside in rents,” Kossak said.