The Kislak Co. on Thursday announced the recent sale of two multifamily properties in the Oranges in Essex County, for $8 million.
The properties include 57-61A E. Park St. in East Orange, with 22 units, and 463-475 Park Ave. in Orange, with 46 units.
Executive Vice President Joni Sweetwood arranged the sale on behalf of the seller, Al-Kel Realty LLC, a longtime Kislak client and third-generation owner of the properties.
Sweetwood also procured the purchaser, Shelly Holders LLC, another repeat client.
“This purchase was a ‘home run’ for the purchaser, since the properties are in the best parts of the areas where they currently own,” Sweetwood commented.
Reflecting on current market trends, she added, “Purchasers seek older properties in great locations to add value to their portfolios.”
The East Orange property, a two-story, brick, garden apartment building, consists of six studios, eight one-bedroom units and eight two-bedroom units with onsite parking and professional landscaping.
The Orange property, which is just minutes away, is a three-story, brick, garden apartment complex with 46 one-bedroom units, some with balconies and all with onsite parking. Both properties are located in quiet suburban areas within walking distance to schools and restaurants; near multiple New Jersey Transit stops; under a five-mile radius near several large nature preserves; and with Newark Liberty International Airport approximately 10 miles away.
Subsequent to contract signing, units were kept intentionally vacant, with all apartments projected to be substantially upgraded on turnovers with exteriors and common areas included in the enhancements.