Woodbridge-based The Kislak Co. announced the recent off-market sale of a three-property multifamily portfolio in North Arlington for $8,441,836. The portfolio consists of the following properties.
· Ridgeview Apartments, 132-136 Ridge Road with 37 residential units and four offices;
· 124-126 Ridge Road with four residential units and three retail spaces; and
· 3 Wesley Place with two residential units.
Kislak arranged the off-market sale with Senior Vice President Scott Davidovic, Vice President Michael Kossak and Senior Vice President Andrew Scheinerman handing the assignment. The sellers consisted of various family partnerships and the purchaser was a longtime Kislak client. The sale marked the first time the properties had been sold in 106 years.
“Despite rising interest rates, there is still tremendous demand from investors looking to purchase value-add multifamily properties such as these in northern New Jersey. This off-market deal had its challenges but fortunately, Andrew has a great longtime relationship with the purchaser who has an incredibly strong track record navigating and ultimately closing tough deals,” Kossak stated.
“The purchaser was immediately attracted to the size of the deal as well as the density covering half a city block of North Arlington. Despite many property- and partnership-related hurdles that the sellers had to overcome prior to closing, the purchaser stayed engaged on the deal for two years prior to closing,” Scheinerman added.
The properties are conveniently located in a well-established neighborhood on and just off of Ridge Road, which is the borough’s main commercial and shopping area near local schools and with easy access to nearby Route 3. The properties are well maintained with a long history of full occupancy.
Ridgeview apartments consists of 27 one-bedroom units, 10 two-bedroom units and four offices. The 124-126 Ridge Road property consists of two one-bedroom units, two two-bedroom units and three retail spaces. The Wesley Place property is a two-family home with a one-bedroom unit and a two-bedroom unit.
North Arlington is a borough in Bergen County, New Jersey approximately 10 miles west of New York City. It was ranked eighth by Money magazine on its list of “Best Places to Live 2017”, which cited the borough’s healthy economy, affordable homes and a high quality of life.