KISLAK COMPLETES THREE MULTIFAMILY SALES TOTALING $52.9 MILLION
WOODBRIDGE, N.J. — Woodbridge-based The Kislak Company has completed three separate multifamily sales for a total of $52.9 million. The properties are located in Newark, Del.; Lindenwold, N.J.; and Pittsburgh.
In the first transaction, Home Properties of Newark traded for $20 million. Constructed in 1968, the community is located at 146 Chestnut Crossing Drive in Newark. Its 19 garden-style buildings contain 432 units in a mix of studio through three-bedrooms. Kislak's Andrew Jonas handled the transaction.
In the second transaction, Emerald Ridge Apartments traded for $13.5 million. Constructed in 1972, the property is located at 101 Gibbsboro Road in Lindenwold. It was foreclosed on by its lender in 2009 and subsequently renovated. Occupancy was approximately 75 percent at the time of closing. The property contains 28 two-story buildings with 376 one- and two-bedroom units. Kislak's Matt Weilheimer arranged the sale.
Finally, Alcoma on the Green sold for $9.4 million. The 222-unit property is located at 225 Alcoma Blvd. in Pittsburgh. It consists of a tower built in 1975 and garden-style buildings constructed in 1977. It contains a mix of one- through three-bedroom residences. Amenities include a swimming pool, a fitness center, picnic areas and a playground. Robert Holland of Kisklak handed the sale. The parties involved in all three deals were not disclosed.
“These noteworthy sales are indicative of the strong market for larger multifamily properties in New Jersey, Pennsylvania and Delaware,” said Jeffrey Wiener, president and co-managing director of Kislak. “Multifamily properties remain very attractive to investors. Sellers, especially those who have owned properties for longer periods of time, are taking advantage of the increased demand, and buyers are taking advantage of the historically low interest rates available for multifamily properties.”
— Coleman Wood