Essex County multifamily portfolio sells for $8M

Two multifamily properties in the Oranges sold for $8 million, The Kislak Co. Inc. announced Oct. 13.

Executive Vice President Joni Sweetwood arranged the sale on behalf of Al-Kel Realty LLC, a longtime client and third-generation owner of the properties, in addition to procuring the buyer, Shelly Holders LLC – another repeat client, according to the firm.

“This purchase was a ‘homerun’ for the purchaser since the properties are in the best parts of the areas where they currently own,” Sweetwood said in a statement. Reflecting on current market trends, she added, “Purchasers seek older properties in great locations to add value to their portfolios.”

The properties

Kislak said units were kept intentionally vacant subsequent to contract signing, with upgrades expected for all apartments on turnovers and to exteriors and common areas.

Within minutes of each other, both properties are in quiet suburban areas, according to Kislak, and located walking distance from schools and restaurants and near multiple NJ Transit stops.

In East Orange, 57-61A E. Park St. is a two-story, brick, garden apartment building with 22 units (six studios, eight one-bedroom and eight two-bedroom), on-site parking and professional landscaping.

In Orange, 463-475 Park Ave. is a three-story, brick, garden apartment community with 46 one-bedroom units, some offering balconies, and on-site parking.