Kislak sells multifamily portfolio in Paterson for $4.36M

The Kislak Co. recently sold a four-building multifamily portfolio with 34 units in Paterson for $4.36 million, the company said Thursday.

Kislak Vice President David Briones marketed the portfolio for the undisclosed seller.

Briones said the sale reflects the state of the market.

“There continues to be strong demand for value-add multifamily opportunities in northern New Jersey, and this demand has strengthened throughout the pandemic,” he said. “We led a bidding process that resulted in a noncontingent deal for the seller.

“The strength of the rental market in Paterson and low interest rates were also a factor with pricing, enabling the properties to trade within a low pre-pandemic cap rate range. Given the value-add opportunity, the purchaser intends to increase net operating income by completing individual unit upgrades and increasing rents.”