December 23, 2019 Comments Off on Kislak Sells Newark Apartments with Rental Upside Views: 640 New Jersey, New York News, Tri-State Area New York

Kislak Sells Newark Apartments with Rental Upside

The Kislak Company arranged the sale of a four-property multifamily portfolio totaling 69 units in Newark, NJ. The portfolio traded for $5.8 million and includes 48 Millington Ave., 51 Summit Ave., an apartment building and a developable lot at 291 Wainwright St. and 535 Hawthorne Ave.

Kislak marketed the portfolio with SVP Robert Squires leading the assignment, supported by sales associate Michael Kossak. SVP Jeff Squires procured the undisclosed purchaser.

“There is a huge demand for well-maintained apartment buildings in northern New Jersey and these buildings, in a great rental market, offer a large upside in rents,” said Kossak.

The portfolio includes four three-story brick apartment buildings, all within close proximity of each other. The developable lot is currently used for parking, and includes a cell tower lease pending municipal approval, thereby offering potential increased revenue.

The properties were 100% occupied at the time of the sale.

Pictured: 51 Summit Ave.

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