The Kislak Co. this week announced the recent sale of Arlington Court Apartments, a 53-unit multifamily property in East Orange for $6.3 million.
Kislak marketed the property at 212-220 Arlington Ave. on an exclusive basis with Executive Vice President Joni Sweetwood handling the assignment on behalf of the longtime owner, North Arlington Mgmt., and she also procured the purchaser, Realty 25 LLC.
“The unique aspect of this transaction was addressing the underground garage, which was out of service,” said Sweetwood. “It took a considerable amount of time and effort to address and resolve the issues surrounding it. However, with the right buyer, seller and salesperson combination, we were able to resolve the issues and close. I have known both the parties for many years and have transacted with them many times.”
Arlington Court Apartments consist of three, three-story brick buildings with 53 apartments and on-site parking. Apartments feature layouts with hardwood floors and large closet space. The unit-mix consists of 10 studios with separate kitchen and dressing areas, 23 one-bedroom units and 20 two-bedroom units. Kislak said the property is well-maintained and presents strong value-add potential through rental increases and renovation of the garage. At the time of closing, the property was fully occupied.
The property is near the Garden State Parkway and Route 280 and is within walking distance from the East Orange train station with direct access to New York City.
