Real estate firm The Kislak Company Inc. announced on Friday the recently sale of a multifamily portfolio throughout Bergen County for $19.2 million, or $225,000 per unit.
The portfolio includes:
- The Madison, 36 units at 147 Main St., in Ridgefield Park;
- The Manor, 34 units at 257 Grant Ave., in Cliffside Park;
- 15-unit building at 200-210 Broad Ave. in Leonia.
Kislak’s Robert Squires, senior vice president, handled the assignment on behalf of Novel Property Ventures‘ Andrew Miller and Bennat Berger. Squires along with Don Baxter procured the buyer, Titanium Capital Partners.
This is one of the largest sales in New Jersey since COVID-19 hit mid-march, according to CoStar data.
“This transaction started just before COVID hit, after which there was much uncertainty in the market about rent collections, vacancies, the overall outlook in the capital markets, and many other things. Throughout the transaction, we monitored these potential issues. Fortunately, the strength of the Bergen County rental market remained consistent with collections and occupancy levels almost unchanged from the months prior to (COVID),” Squires said.
[At least 30% of the units have already been renovated by the seller.
“It was a pleasure working with the purchaser and mortgage broker over the last 13 years and I’m happy the purchaser acquired such great assets. If a global pandemic cannot convince cautious buyers about the safety and the value of multifamily properties, nothing will. No other investment has stood the test of time so well. I feel more fortunate now than ever to be in this profession,” Baxter said.
Joshua Greenfield and David Freylikhman represented both the buyer and the seller. Financing was arranged by Meridian Capital Group‘s Elliot Treitel.