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Kislak closes 140-unit sale in East Orange

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Properties included in the sale.
Properties included in the sale. - ()

Brokerage firm The Kislak Company announced today it completed the sale of several units across seven assets totaling $11.75 million in East Orange. The brokerage worked exclusively on behalf of the seller, for the units located at 30 Beech Street, 46 South Arlington Avenue, 356 William Street and 6 Glenwood Avenue, 139 Halsted Street, 116-118 South Grove Street and 67 Lenox Avenue.

Full transactions are listed below:

Kislak’s Julie Gralla represented the seller for 72 units at 30 Beech Street, 46 South Arlington Avenue, 356 William Street and 6 Glenwood Avenue for $7.4 million.

Gralla also represented the sale of 47 units at 139 Halsted Street and 116-118 South Grove Street for $2.45 million.

VP Robert Squires represented the purchaser of the 72 units and SVP Joni Sweetwood represented the seller of 21 units at 67 Lenox Avenue for $1.9 million.

“The East Orange and surrounding multifamily markets remain extremely attractive to investors given their north Jersey locations that are a short commute to New York City,” Robert Holland, president, said. “Occupancies are extremely strong and rents are increasing, which add to investor demand. Julie and our team did an excellent job executing these sales.”

The seller of the 72-unit portfolio were affiliates of Seaview Capital Partners LLC. The purchasers of the properties were private investors.

“The sellers turned over many units after purchasing the portfolio,” Gralla said. ““What made this deal so valuable was the extreme upside potential due to higher expenses which needed to be properly managed, as well as below market rents.”

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Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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