WOODBRIDGE, NJ — The Kislak Company, Inc. announced the recent sale of a seven-property multifamily portfolio with 184 residential units and six retail spaces in Irvington, Essex Cty. The properties are located at the following addresses.
• 26-28 Chester Ave. (11 units and 3 retail spaces)
• 38-40 Chester Ave. (21 unit)s
• 979-983 Clinton Ave. (31 units)
• 51-57 Linden Ave. (29 units)
• 780-786 Lyons Ave. (22 units and 3 retail spaces)
• 494 Stuyvesant Ave. (37 units)
• 2-10 Wagner Place (33 units)
Terms of the sale were not disclosed.
Kislak marketed the portfolio on an exclusive basis on behalf of the seller, a publicly traded Canadian company, with executive vice president Joni Sweetwood handling the assignment. Sweetwood also procured the purchaser, a longtime Kislak client for whom Sweetwood has handled many other sales.
Sweetwood commented, “This is a well-maintained portfolio in a strong northern New Jersey rental market with easy access to New York City. 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 consists of seven buildings located within close proximity of each other. The residential units include a mix of studios and one-, two-, three- and four-bedroom units, many of which had some level of renovation. Other portfolio highlights include new boilers and hot water heaters, many replaced pipes and risers, and security cameras with a key fob entry system.