Kislak: North Arlington multifamily portfolio sells for $8.4M

In a recent off-market deal, The Kislak Co. Inc. arranged the $8.4 million sale of a three-property multifamily portfolio in North Arlington in Bergen County. According to the firm, it is the first time the properties – offering a mix of residential and retail spaces – have sold in 106 years.

Senior Vice President Scott Davidovic, Vice President Michael Kossak and Senior Vice President Andrew Scheinerman handled the assignment on behalf of Kislak. The seller was a mix of family partnerships, while the buyer is a longtime Kislak client.

“Despite rising interest rates, there is still tremendous demand from investors looking to purchase value-add multifamily properties such as these in northern New Jersey,” Kossak said in a statement. “This off-market deal had its challenges but fortunately, Andrew has a great longtime relationship with the purchaser who has an incredibly strong track record navigating and ultimately closing tough deals.”

According to a statement from Scheinerman, the portfolio covers half a city block in North Arlington, consisting of:

• Ridgeview Apartments, 132-136 Ridge Road – 37 residential units and four offices (27 one-bedroom, 10 two-bedroom and four offices),
• 124-126 Ridge Road – four residential units and three retail spaces (two one-bedroom and two two-bedroom units), and
• 3 Wesley Place, a two-family home with two residential units (a one-bedroom and a two-bedroom).

Ridge Road is the borough’s main commercial and shopping area, located near schools and with access to Route 3.

“Despite many property- and partnership-related hurdles that the sellers had to overcome prior to closing, the purchaser stayed engaged on the deal for two years prior to closing,” Scheinerman added.

North Arlington ranked No. 8 on “Money” magazine’s list of Best Places to Live 2017, which cited the township’s economy, affordable homes and high quality of life.