The Kislak Co. announced the recent sale of a three-building multifamily portfolio in Newark for $5.3 million.
Kislak marketed the portfolio on an exclusive basis, with Vice President Michael Salomon managing the assignment on behalf of the seller, Blackfoot Realty 8 LLC. Senior Vice President Don Baxter and Vice President Michael Kossak represented the purchaser, Feiner Properties LLC. The portfolio consists of three multi-storied, brick apartment buildings — 44 residential units and one retail space in total — all in good condition and within close proximity to one another. The buildings include some units with renovated kitchens and bathrooms; and boilers, water heaters and roofs replaced less than 10 years ago.
The properties are located at 1 and 2 Noll Place and 532 Sanford Ave. The Noll Place properties consist of 21 and 15 residential units, respectively, and offer upside in rents. The property at 532 Sanford Ave., a two-story building consisting of eight units and one retail space, was fully renovated in 2017 and 2018.
“Newark investors continue to see the tremendous upside in multifamily properties. Prices and cap rates remain strong and, as always, there are more buyers than sellers,” Salomon remarked.
“Sellers are taking advantage of a perfect storm with these recent sales — a climate tempered by a lack of inventory coupled with relatively low interest rates,” Baxter said. “Investors who waited during the pandemic have cash to place in safe investments such as these. Conversely, those who purchased during the pandemic have assets that have already appreciated. No investment has stood the test of time like real estate, specifically, multifamily properties; and the last few years have been a perfect case study to prove this.”