Kislak sells Newark multifamily portfolio for $5.8M

The Kislak Co. Inc. announced on Friday the sale of a four-property multifamily portfolio in Newark for $5.8 million.

The 69-unit portfolio is comprised of four, three-story brick apartment buildings with 12 units at 48 Millington Ave., 16 units at 51 Summit Ave., 20 units at lot at 291 Wainwright St. and 21 units at 535 Hawthorn Ave.

Kislak said it marketed the properties exclusively with Robert Squires, senior vice president, and Michael Kossak, associate, on the assignment. Jeff Squires, senior vice president, procured the buyer.

“After we were engaged exclusively to sell the portfolio, we marketed the properties, conducted guided tours and led a competitive bid process in order to achieve the highest and best price for the seller,” Robert Squires said.

“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,” Kossak said.