Belleville multifamily sells for $11.8M, Kislak says

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A Belleville multifamily complex has sold for $11.8 million.

The Kislak Co. Inc. announced the sale of 95-unit Brighton Estates on Nov. 13. Citing available CoStar data, the Woodbridge-based brokerage said the sale is Essex County’s largest in over a year.

Kislak exclusively marketed the property on behalf of longtime owner Brighton Estates Inc. with Vice President Tom Scatuorchio leading the assignment. Senior Vice President Andrew Scheinerman secured the buyer, MC Brighton LLC, an affiliate of a longtime client.

Financing for the transaction was provided by Lakeland Bank and arranged by Vice President/Relationship Manager Christopher Carola, Kislak said.

Located at 1 and 13-53 Brighton Ave. in Belleville in Essex County, the garden apartment buildings were built in 1962, according to Kislak. The residences include 13 studios as well as 66 one- and 16 two-bedroom apartments.

Kislak said recent improvements include new windows and pitched roofs completed within the past 10 years.

Brighton Estates includes on-site parking with designated spots for each unit in addition to laundry facilities.

“Given the size, location and tremendous upside potential of the property given its below market rents, our marketing efforts resulted in a dozen offers,” said Scatuorchio. “However the sale also coincided with the sharp rise in interest rates throughout 2023, which added a layer of complexity to the transaction. The closing is a testament to the strong rental market in Belleville and the purchaser’s strength and perseverance.”

Scheinerman also pointed to the property’s potential upside, describing Brighton Estates as a perfect addition to the buyer’s portfolio. “Belleville and the surrounding areas are strong rental markets and it is rare that a property of this size becomes available,” he said.

Genesis Stokes and Perry Florio of  Secaucus-based Waters, McPherson, McNeill PC served as the seller’s attorneys; the buyer was represented by Scott Herzog of the Law Offices of Scott Herzog LLC.