Kislak announces $7.9M sale of Newark multifamily portfolio

By Emily Bader
Newark | Apr 30, 2020 at 10:26 am

The Kislak Company Inc. announced on Thursday the $7.9 million sale of a multifamily portfolio in Newark.

The portfolio, which includes 13 units at 969-971 18th Ave., 20 units at 981-983 18th Ave., 17 units at 611 Clinton Ave., and six units with two rental spaces at 550 Springfield Ave., sold fold for more than $136,000 per unit.

The Woodbridge-based commercial real estate brokerage said it marketed the portfolio exclusively, with Michael Salomon, vice president, handling the deal and procuring the buyer.

“The demand for Newark multifamily properties remains strong and prices continue to rise,” Salomon said.

The portfolio, consisting of four multistory brick apartment buildings, was recently renovated to include kitchens with stainless steel appliances and new cabinetry, countertops and floors. The neighborhoods of all four properties are walkable, Kislak said, and are within close access to the Garden State Parkway and Interstate 78.

Emily Bader | ebader@roi-nj.com | @emilybader