The Kislak Co. was recently named the exclusive sales agent for a 22-building multifamily portfolio in East Orange and Irvington, Essex County. The portfolio includes 645 residential units and two offices.
Senior Vice President Scott Davidovic is leading the assignment on behalf of the sellers.
“This is an extraordinary opportunity for a purchaser to acquire hundreds of units and a sizeable portion of the market in an extremely fast-growing area, which is among the strongest rental markets in northern New Jersey. The properties are in close proximity to multiple train stations and the new Crossings at Brick Church Station development that includes Goldman Sachs as an investment partner,” Davidovic said.
“The properties may be purchased separately or together and include attractive assumable financing.”
The portfolio includes 15 buildings in East Orange with 472 units and seven buildings in Irvington with 175 units. The buildings are professionally managed and have been upgraded over the past 25 years. with many of the units recently renovated. Tenants pay for their own heat, hot water and electric usage in 11 of the buildings. There are 14 buildings with on-site parking for 382 vehicles. Three cell phone towers are also included in offering.
The prime locations provide tenants with easy access to major highways, including the Garden State Parkway, Interstates 280 and 78. The properties are all centrally located near bus stops and the East Orange properties are all located near the Brick Church or East Orange train stations with service to Newark Penn Station and New York City.