494 Stuyvesant Ave. in Irvington — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has purchased a seven-building, 184-unit apartment portfolio in Irvington, in a newly announced deal by The Kislak Co. Inc.
According to Joni Sweetwood, an executive vice president with the brokerage firm, the properties include:
- 26-28 Chester Ave. (11 units and three retail spaces)
- 38-40 Chester Ave. (21 units)
- 979-983 Clinton Ave. (31 units)
- 51-57 Linden Ave. (29 units)
- 780-786 Lyons Ave. (22 units and three retail spaces)
- 494 Stuyvesant Ave. (37 units)
- 2-10 Wagner Place (33 units)
Sweetwood represented the seller, a publicly traded Canadian company, and procured the buyer, a longtime Kislak client. Terms of the sale were not disclosed.
“This is a well-maintained portfolio in a strong northern New Jersey rental market with easy access to New York City,” Sweetwood said. “These factors and the potential upside in rents appealed to the purchaser. The sale is a testament to the continued strength of the market for multifamily properties in northern New Jersey, and although there were many complexities in the transaction, we knew we could get it closed together.”
The portfolio, which consists of seven buildings located within proximity of one another, includes a mix of studios and one-, two-, three- and four-bedroom units, many of which had some level of renovation, Kislak said. Other portfolio highlights include new boilers and water heaters, many replaced pipes and risers and security cameras with a key fob entry system.
