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Kislak brokers apartment building to Red Knight Properties for $7.3M
Linda Lindner//July 14, 2020
Chester-based Red Knight Properties on Tuesday said Kislak Realty recently facilitated the sale of two 32-unit, mixed-use garden apartment complexes with two commercial storefronts in Newton for $7.3 million.
Located at 31 Paterson Ave. and 2 Swartswood Road, the property boasts a variety of studio, one- and two-bedroom offerings.
The 64 apartments were fully occupied, with rents well below market value, at the time of sale.
Joe Keenan and Justin Lupo from Kislask represented the seller and also procured Red Knight Properties as the buyer. Eric Seidel Jr. of Marcus & Millichap assisted in financing.
“The acquisition presented an excellent opportunity to own more quality, value-added assets in Sussex County,” said Red Knight Properties co-founder and Managing Principal Anthony Scandariato, co-founder and managing principal.
