Kislak sells Essex County multifamily properties for $7.25M

Two Essex County multifamily properties – adding up to 55 units – recently sold for a total of $7.25 million.

The Kislak Co. Inc. announced the transactions June 24:

• 1280 Clinton Ave. in Irvington is a 42-unit apartment building that sold for $4.1 million
• 132 Milligan Place in South Orange is a 13-unit apartment building that sold for $3.15 million

Executive Vice President Joni Sweetwood exclusively marketed the properties and procured the buyers in both transactions.

The parties were not disclosed; however, according to a statement from Sweetwood, both buyers and sellers are longtime repeat clients of the firm.

“The South Orange property is a pristine brick garden apartment building well located near an office building I recently sold to the purchaser who completed a 1031 exchange with this South Orange purchaser,” she said in a statement. “The desirable elevator building in Irvington was targeted by the purchaser who asked me to pursue it.”

The Irvington property is a five-story brick building with a mix of studios and one- and two-bedroom units. It includes new windows, an underground parking garage and laundry facilities, all located next to City Hall and township municipal buildings. The property is also close to shopping and minutes from transportation options and the Garden State Parkway.

In South Orange, the two-and-a-half-story building offers a mix of studios and one- and two-bedroom units, four of which feature balconies. There are two new washers and dryers and 13 covered parking spots at 132 Milligan Place, which is within walking distance of downtown and the South Orange train station.

According to Kislak, Sweetwood is one of the firm’s all-time leading salespeople with career investment sales totals of more than $1.3 billion. Earlier this month, Sweetwood was part of a $29 million Keyport property sale and in May, she secured the highest priced multifamily transaction ever in Elizabeth with a portfolio that traded hands for $50 million.