The Kislak Co. Inc. announced a recent portfolio sale in East Orange.
The portfolio, which sold for $19.35 million, consists of four properties with a total 200 residential units. It includes 82 units at 106 N. Grove St., 73 units at 25 N. Harrison St., 28 units at 100 Chestnut St. and 17 units at 492 Park Ave.
Kislak represented the properties exclusively. Scott Davidovic, senior vice president at Kislak, represented the seller and Robert Squires, senior vice president, represented the buyer.
The portfolio is within proximity to the Garden State Parkway and Interstate 280.
“East Orange has become a more attractive and affordable city for people to live in, given its close proximity to New York City and major transportation hubs. For investors, rents continue to rise and, since we are still in a low interest rate environment, landlords are able to sell at low cap rates. This transaction is a prime example,” Davidovic said
The buyer plans to renovate and lease the vacant units, with Arbor providing the lending capital for the purchase.