Kislak Completes $9.18 Million Elizabeth, NJ Multifamily Sales

Sept. 19, 2011 - PRLog -- The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the completion of four multifamily sales in Elizabeth, New Jersey totaling $9,180,000.  They include a 46-unit property on North Broad Street that sold for $2,450,000, a 41-unit property on Westfield Avenue that sold for $2,955,000, a 40-unit property on Jersey Avenue that sold for $2,825,000, and a 16-unit property on Westminster Avenue that sold for $950,000.

“Elizabeth, which is New Jersey’s fourth largest city, remains a very strong multifamily market for investors given its location, strong tenancy and occupancies at or near 100%,” said Robert Holland, senior vice president and co-managing director.  “Demand for multifamily properties throughout New Jersey has been increasing steadily since 2010 and in certain areas such as Elizabeth, demand is soaring.  There are few, if any, alternative investments as safe and reliable as multifamily properties; interest rates remain at historic lows; and lenders are eager to finance the purchase of multifamily properties. Our sales team continues to work tirelessly to listing and selling.”    

“Most buyers are attracted to Elizabeth,” said Joni Sweetwood, senior vice president.  “We find that the newer garden apartments are trading in the $70,000’s per unit while the older mid-rises are trading below $70,000 per unit as they usually require more capital expenditures.  Some areas of Elizabeth are better than others.  These sales were all in good areas.”
 
The North Broad Street property is a four-story brick elevator building with one and two bedroom apartments in an attractive residential part of the city.  Kislak was given an exclusive listing to market and sell the property and procured a purchaser to whom it had sold multiple other properties.  Senior vice president Joni Sweetwood represented the seller and vice president Jeffrey Squires represented the purchaser.  At the time of closing, occupancy was 90%.  Financing was provided by Peapack-Gladstone Bank.

The Westfield Avenue property is known as Westfield Pines and is a three-story brick building with studios and one bedroom apartments located one block from desirable Elmora Avenue.  Kislak was also given an exclusive listing to market and sell the property and procured a purchaser able to assume the seller’s existing mortgage with Sovereign Bank.  Squires represented the seller and vice president Andrew Jonas represented the purchaser.  Working with David Cohen of Meridian Capital, the Kislak team navigated the purchaser through the mortgage assumption process.  At the time of closing, occupancy was about 95%.  

“The mortgage assumption was advantageous for both parties as a six figure yield maintenance pre-payment penalty was avoided, allowing the transaction to close at a lower price without penalizing either party,” said Squires.

The Jersey Avenue property is a four-story brick building with one and two bedroom apartments.  The sale was handled on behalf of a longtime Kislak client.  Vice president Jonathan Greenberg represented the seller and Sweetwood represented the purchaser, another longtime Kislak client.  

“This was in the best part of Elizabeth with the train to New York City in front and Warinanco Park behind it,” added Sweetwood.  All apartments were completely renovated.  At the time of closing, occupancy was 97%.

The Westminster Avenue property is a three-story brick building with studios, and one and two bedroom apartments.  The well-maintained property has large units and a strong occupancy history.  Squires represented purchaser who owns other area properties and was in search of an additional property.  At the time of closing, occupancy was 95%.  Financing was provided by Spencer Savings Bank.

“We are seeing more active buyers frustrated with today’s low returns from banks and other investments,” added Squires.  Multifamily properties like the Westminster apartment typically offer tax-sheltered returns north of 7%.  Investors can raise rents while building equity over the long term.”

Sweetwood joined Kislak in 1996, has won numerous sales awards including the company’s Sima Kislak Jelin Salesperson of the Year award and Production award, and is one of the company’s all-time leading salespeople.  

Squires joined Kislak in 2007.  He was the co-recipient of Kislak’s 2008 Rookie of the Year award and was promoted to vice president in 2009.

Greenberg joined Kislak in 1999 and is consistently among the company’s leading producers.  He is a two-time past recipient of the company’s Production award and Salesperson of the Year award.  

Jonas joined Kislak in 1993 and has a strong record of sales in and around New Jersey.

The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company serving the multifamily and retail markets.  Established in 1906, Kislak’s market leadership position and longevity is due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals.  Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs.  The firm’s 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.

Now in its 105th year, Kislak was among a select group of firms recognized as a 2010 Power Broker by CoStar Group, Inc. for multifamily sales transactions.

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Established in 1906, The Kislak Comapny, Inc. is the dominant investment sales company serving the multifamily and retail markets throughout New Jersey, eastern Pennsylvania, southern New York and Delaware.