Woodbridge-based Kislak Co. Inc. on Wednesday said it recently sold a three-property multifamily portfolio in Paterson for $6,286,000.
The portfolio includes 257-261 Rosa Parks Blvd., a 19-unit property with six retail spaces; 11-17 Governor St., with 15 units; and 324 Hamilton Ave., with 13 units.
Senior Vice President Joseph Keenan marketed the properties on behalf of the seller, an existing client to whom he originally sold the properties. Keenan also represented the purchaser who, like the seller, is a New York-based investor.
The properties are walk-up buildings with mostly two-bedroom apartments in above average condition. The building on Rosa Parks Boulevard, consists of 19 residential units above six street-level retail units. All of the properties were fully occupied at the time of sale.
“The Paterson market has become very attractive to investors, both locally and beyond with its close proximity to New York City and extremely high population density,” said Keenan.