Kislak completes sale of Bergen County multifamily portfolio for $15.725M

By Emily Bader
Bergen County | Dec 12, 2019 at 11:48 am

The Kislak Co. Inc. announced on Wednesday the $15.725 million sale of an off-market, three-property multifamily portfolio in Bergen County.

The transactions include the $6.45 million sale of a 38-unit property at 403 Prospect Ave. and 333 Passaic St. in Hackensack; the $4.9 million sale of Riverside Terrace, a 24-unit property in Bogota; and the $4.375 million sale of Queen Anne Apartments, a 25-unit property in Hackensack.

Kislak’s Andrew Scheinerman, vice president, represented the seller, Sanzari Residential LLC, in the deals and procured the buyers for Riverside and Queen Anne. Robert Squires of Kislak found the buyer for the properties at Prospect Avenue and Passaic Street.

“Our offering of the portfolio presented an extraordinary opportunity for investors to acquire well-maintained and well-performing garden apartments in among the strongest rental markets in northern New Jersey,” Scheinerman said. “The sales resulted in a record per-unit-price of more than $180,000.”

The property at 403 Prospect and 333 Passaic has 38 one-bedroom units in two adjacent, three-story buildings, each with parking. It was built in 1970 and has on-site laundry.

Riverside Terrace is a three-story building with 24 residential units located at 114-138 River Road. It was built in 1962 and has on-site parking and laundry.

Queen Anne Apartments is a three-story building with 25 residential units located at 230 Polifly Road. It was built in 1985 and has a parking lot and on-site laundry.

Financing for each property was provided by Oritani Bank.