The Kislak Co. Inc. has sold four multifamily properties totaling 200 residential units in East Orange for $19,350,000.
The properties at 106 N. Grove St., 25 N. Harrison St., 100 Chestnut St. and 492 Park Ave. include 82, 73, 28 and 17 units respectively and were marketed by Kislak on an exclusive basis.
Senior Vice President Scott Davidovic represented the seller in the transaction and Senior Vice President Robert Squires repped the undisclosed out-of-state buyer. Arbor will provide lending capital to the purchaser who plans to renovate and lease the vacant three-bedroom, studios, and one- and two- bedroom apartment units at the properties.
Due to vacancies, in particular at 106 N. Grove St., the sale presented a challenge. According to a statement from Squires, however, portfolios of this size are in high demand.
“After we obtained the exclusive listing agreement to sell the properties, we quickly identified an out-of-state buyer, and worked the transaction through to closing,” he said.
All buildings are commuter friendly, located near I-280 and the Garden State Parkway, within walking distance to two train stations and a short drive to New York City.