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Kislak completes $19M sale of Bergen County multifamily properties

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The Cambridge Arms Apartments in Hackensack.
The Cambridge Arms Apartments in Hackensack. - (The Kislak Company, Inc.)

Woodbridge-based real estate investment firm The Kislak Company Inc. announced Tuesday the sale of three multifamily properties in Bergen County totaling nearly $19 million.

According to the announcement, the transactions include a $13.27 million sale of Cambridge Arms Apartments; a 101-unit mid-rise apartment building in Hackensack; a $2.99 million sale of a 28-unit apartment building in Hackensack; and a $2.6 million sale of a 19-unit multifamily property in Ridgefield Park.

"Bergen County is among the strongest markets in New Jersey for multifamily properties," Robert Holland, president and co-managing director said. "There is extraordinary demand there and elsewhere in New Jersey, and these sale prices are indicative of the demand among investors for well-performing properties in desirable locations."

Financing for Cambridge Arms was provided by Columbia Bank. Jeffrey Wiener, co-managing director, represented the seller and Jonathan Greenberg, vice president, represented the purchaser. At the time of the closing the property was 96 percent occupied.

Financing for the 28-unit Hackensack apartment building was provided by Northfield Community Bank. Andrew Scheinerman represented both parties in the transaction. At the closing, the property was 100 percent occupied.

Scheinerman also represented both parties in the transaction for the Ridgefield Park unit. At the closing, the property was 100 percent occupied, the announcement said.

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Emily Bader

Emily Bader

Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

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