The Kislak Co. on Thursday said it recently sold an 85-unit multifamily portfolio in Bergen County for $19,20,000.
Kislak marketed the portfolio on an exclusive basis with Senior Vice President Robert Squires handling the assignment on behalf of longtime clients Andrew Miller and Bennat Berger of Novel Property Ventures.
Squires partnered with senior vice president Don Baxter to procure the purchaser, Titanium Capital Partners.
The portfolio sale represents a per-unit price of more than $225,000 and reflects a capitalization rate of approximately 5 percent.
The sale was among the largest multifamily sales in Bergen County in 2020, and the largest sale since New Jersey’s COVID-19-related shutdown, according to data available from CoStar.
At the time of closing, the properties were 100 percent occupied.
“This transaction started just before COVID hit, after which there was much uncertainty in the market about rent collections, vacancies, the overall outlook in the capital markets, and many other things,” Squires commented. “Throughout the transaction, we monitored these potential issues. Fortunately, the strength of the Bergen County rental market remained consistent with collections and occupancy levels almost unchanged from the months prior to COVID.”
The three buildings in the portfolio have been extremely well-maintained and the seller completed many capital improvements throughout the properties. Approximately 30 percent of the units were fully renovated, which leaves a significant upside for the purchaser when the balance of renovations is completed.
The portfolio includes: The Madison, with 36 units located at 147 Main St. in Ridgefield Park; The Manor, with 34 units located at 257 Grant Ave. in Cliffside Park; and a 15-unit building located at 200-210 Broad Ave. in Leonia.
Joshua Greenfield and David Freylikhman represented the purchaser and seller, respectively, with financing arranged by Elliot Treitel of Meridian Capital Group.l