A five-building multifamily portfolio in Kearny sold for more than $10.9 million in a sale arranged by Kislak &Co. Inc.
The properties include 65 units and one retail space. They are located at 111 and 117 Belgrove Drive, 12 Grant Ave., 160 Stuyvesant Ave., and 9 Maple St. The Belgrove buildings are two 20-unit brick structures; the Grant Avenue property is a 16-unit brick building; the Stuyvesant property is a mixed-use building with five residential units and the retail space; the Maple Street property consists of four large one- and two-bedroom units with full kitchens.
Kislak Senior Vice president Scott Davidovic and Vice President Michael Kossak represented both parties in the transaction. The seller and buyer were not disclosed.
“This sale, handled completely off market in competition with other brokers, shows the strength of our clients who are consistently paying top dollar and are strong closers” Davidovic said in a statement. “The purchaser completed his due diligence pre-contract with minimal contingencies, which we encourage when appropriate, demonstrating professionalism not only to be awarded a deal but to close as well.”
Three of the properties are within walking distance of each other and less than a mile from a PATH station and New Jersey Transit’s Newark-Broad Street station. Kislak said the price per unit was $165,379, offering upside potential to the purchaser who will renovate vacant apartments to push rents to market price.
“These are the exact types of properties clients are aggressively looking to purchase, and the area is drawing new renters who may need to commute to New York City as nearby public transportation is easily accessible.” Kossak said. “Several new residential developments have also been completed or are underway in the area.”
The neighborhood is being transformed from warehouse and other industrial properties to mixed-use developments, according to Woodbridge-based Kislak. Some older buildings are being renovated or replaced with multifamily properties amid a variety of national and local retailers.
In August, Kislak said it arranged $9 million in sales of multifamily properties in East Orange, Cherry Hill and Vineland.