Two multifamily properties in Hackensack totaling 78 residential units have sold for a combined $11.5 million, according to real estate firm The Kislak Co. Inc.
The buildings at 265-275 Beech St. were sold off-market by Prospect Avenue 1 LLC, a private investor, to Stonegate, a real estate investment and development firm. Vice President Andrew Scheinerman represented the seller, while Senior Vice President Robert Squires represented the buyer, a longtime client of Woodbridge-based Kislak.
“The seller engaged us to sell the property, which had been owned by the same family for many years, after we provided our opinion of value and demonstrated at which price we could sell it,” Scheinerman said in a prepared statement.
The two five-story brick buildings each have 37 one-bedroom apartments and two two-bedroom apartments, as well as on-site parking. The properties were fully occupied at the time of the sale.
“The offering presented a value-add opportunity for the purchaser, who was eager to commence renovations in order to bring the units to market and increase rents,” Squires said in a statement. “Influenced by current local market trends where there is low inventory and high barriers to entry, the purchaser paid an aggressively low cap rate, given the upside potential with rents following renovations.”
Oritani Bank provided financing. Carmine Alampi represented the seller from a legal standpoint, while Marc Wohlgemuth represented the buyer.