Essex County, NJ — The Kislak Company, Inc. announced the recent sale of two multifamily properties in the Oranges in Essex County for $8 million. The properties include 57-61A East Park St. in East Orange with 22 units and 463-475 Park Avenue in Orange with 46 units.
Executive vice president Joni Sweetwood arranged the sale on behalf of the seller, Al-Kel Realty, LLC, a longtime Kislak client and third-generation owner of the properties. Sweetwood also procured the purchaser, Shelly Holders, LLC, another repeat client.
“This purchase was a ‘homerun’ for the purchaser since the properties are in the best parts of the areas where they currently own,” Sweetwood commented. Reflecting on current market trends, she added, “Purchasers seek older properties in great locations to add value to their portfolios.”
The East Orange property, a two-story, brick, garden apartment building, consists of six studios, eight one-bedroom units, and eight two-bedroom units with onsite parking and professional landscaping. The Orange property, which is just minutes away, is a three-story, brick, garden apartment complex with 46 one-bedroom units, some with balconies and all with onsite parking.
Both properties are located in quiet suburban areas within walking distance to schools and restaurants; near multiple New Jersey Transit stops; under a five-mile radius near several large nature preserves; and Newark Airport 10 miles away.
Subsequent to contract signing, units were kept intentionally vacant with all apartments projected to be substantially upgraded on turnovers with exteriors and common areas included in the enhancements.
Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the company’s production award in 2010, 2011, 2012 2013, and 2018. She has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business. Her career investment sales total more than $1.3 billion.