Kislak handles sale of apartment properties, mobile home park

The Kislak Co. Inc. has handled a trio of recent multifamily sales in New Jersey, it announced this week.

Executive Vice President Joni Sweetwood handled the transactions, which totaled more than $9 million and included two apartment properties:

  • East Park Apartments, 1045-1047 E. Park Ave., Vineland, 41 units, $3.95 million (financing provided by Kearny Bank);
  • 17 Lenox Ave., East Orange, 17 units, $2.6 million (financing provided by New York Community Bank).

The transactions also included a mobile home park:

  • Farrell Place Manufactured Home Community, 1205 Farrell Ave., Cherry Hill, 30 mobile home lots, $2.475 million (financing provided by Investors Bank);

“Mobile home parks can have superior returns to apartments without certain management headaches, as there are no buildings to maintain,” Sweetwood said in a prepared statement. “The purchaser acquired an attractive investment in an upscale area near the Cherry Hill Marketplace and all major highways.”

Woodbridge-based Kislak marketed the properties on an exclusive basis and procured the buyers, all private investors.