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Kislak Completes $11,750,000 New Jersey Multifamily Sales
Senior Vice President Joni Sweetwood Handles Sale of 237 Units
“The market remains very strong throughout New Jersey for all types of multifamily properties – from suburban garden complexes to high-density urban buildings – throughout the state’s submarkets,”
The Asbury Park sale was of Frederick Douglas Apartments, a 90-unit garden apartment complex located two blocks from the city’s train station and only a few blocks from the beach and the city’s vibrant downtown commercial district. Constructed in 1971, the property consists of seven two-story brick apartment buildings with a combination of one- and two-bedroom units. Senior vice president Joni Sweetwood represented both parties in the transaction pursuant to an exclusive listing agreement.
“Asbury Park is becoming increasingly popular for residents and investors alike as the revitalization of the city proceeds,” said Sweetwood. “The area has become trendier with restaurants, shops and nightlife. People want to live there. Occupancy at the property is nearly 100% and rent concessions, which had been offered in the past, are no longer needed to attract tenants.”
The purchaser assumed the seller’s existing financing. The mortgage assumption was facilitated by Arbor Commercial Mortgage. The seller was represented in-house and the purchaser was represented by Richard Kelin, Esq. of Feinstein, Raiss, Kelin & Booker, LLC. The sale marked the second transaction that Kislak that handled on behalf of each of the seller and purchaser.
The first East Orange sale was of a 45-unit four-story masonry building with elevator service. Sweetwood also represented both parties in the transaction pursuant to an exclusive listing agreement. Constructed in 1940, the property had been owned by the same owner since 1979. “The building has an attractive lobby, very large one-, two- and three-bedroom units and garage parking and is situated on one of the best and most desirable streets in the city,” added Sweetwood. “The property is within close proximity to the major commercial centers of Newark, NJ and New York City and is within walking distance of city parks and city recreation.”
“East Orange is in the heart of Essex County, a major submarket within the tri-state region,” added Holland. “Demand for housing is strong given the area’s population density, proximity to New York City and many other employer centers, and abundant mass transit. Occupancies are at or near 100% in many communities, although there are pockets of distressed properties in some of the more urban areas.”
The purchaser obtained a new first mortgage at an attractive rate. The seller was represented by Jonathan Mehl, Esq. and the purchaser was represented by Melanie Scroble, Esq. of Ansell, Grimm & Aaron, PC. At the time of closing, the property was 98% occupied.
The second East Orange sale was of a 47-unit four-story brick building with elevator service. It includes a combination of studios and one-, two-, and three bedroom units. The transaction was a distressed sale wherein Sweetwood facilitated the all-cash sale of the mortgage on the property and the transfer of the deed, both to the purchaser. “The property is in a good area near a train station,” added Sweetwood.
The Plainfield sales were of two neighboring properties on Eighth and Ninth Streets with a total of 39 units that include a combination of studios and one-bedroom units. Vice president Alan Sommer Storozum represented the seller and Sweetwood represented the purchaser.
“In Plainfield, there have been sales of both market rate properties and distressed properties as there had been several distressed or bank-owned properties in the area,” added Sweetwood. The owner initially purchased these properties from a lender at a discount. We then marketed the properties on an exclusive basis and sold them at a market rate price.” At the time of closing, the properties were nearly fully occupied.
The Jersey City sales were of two neighboring properties on Arlington Street with a total of 16 units that include one-, two- and three bedroom units. The seller had previously purchased a distressed mortgage on the property and foreclosed. Sales associate Scott Davidovic represented the seller and Sweetwood represented the purchaser. The seller provided the purchaser with a purchase money mortgage.
Sweetwood joined Kislak in 1996, has won numerous sales awards including the company’s 2011 Production Award and 2010 Sima Kislak Jelin Salesperson, and is one of the company’s all-time leading salespeople.
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 are 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’
Now in its 106th year, Kislak was among a select group of firms recognized as a 2011 Power Broker by CoStar Group, Inc. for multifamily sales transactions.