The Kislak Company Inc. announced the recent sale of a 28-unit multifamily property in Belleville for $4.7 million by Rodani Homes LLC., a longtime Kislak client, from Belleville28 LLC.
Kislak arranged the sale on an exclusive basis with Managing Director Matt Weilheimer and Senior Vice President Tom Scatuorchio handling the assignment on behalf of Belleville28 LLC.
The property at 5-22 Carpenter Terr. features seven four-unit buildings, all situated on a single site, with on-site parking for 18 cars. Each section of four units is serviced by its own gas boiler and hot water heater. Seven of the units feature basements, offering additional value potential via future renovations. The property is surrounded by a mix of homes and new development projects.
“We were able to generate significant interest in the property and ultimately procured a buyer at a very aggressive price in today’s market,” Scatuorchio said. “This speaks to the continued demand for well-located, value-add multifamily properties, even in a shifting capital markets environment.”
Located in a residential neighborhood near the Bloomfield and Nutley borders, the property is located in one of northern New Jersey’s most sought-after rental markets. It is less than 2 miles from the New Jersey Transit Light Rail Station at Silver Lake and 15 miles west of Manhattan.
