9-28-18

10A — September 28 - October 11, 2018 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal

www.marejournal.com

O wners , D evelopers & M anagers

ONTCLAIR, NJ — The Ki s l ak Company, Inc. an- VP Joseph Keenan arranges quick sale of high-demand multifamily properties Kislak sells 70 residential units in Montclair, NJ for $17.25 million M

parking. The property includes a solid tenant base with oc- cupancy typically near 100%. The apartments are spacious with eat-in kitchens; have separate dining, living and bedroom spaces; and are well maintained with high ceilings, hardwood floors and crown molding throughout. Polished marble lobbies welcome resi- dents and visitors. The property on Forest Ave. is a three-story, shingled house containing two units and was previously purchased to expand the parking availability for the residents at the North Fuller- ton property. Both properties, located in the heart of downtown Mont- clair, within short walking dis- tance of theWalnut Street train station, were only briefly mar- keted when Kislak procured the purchaser and negotiated the deal in less than 10 days. “The purchaser was quick to act due to the significant upside in rents andMontclair’s lack of rent control,” Keenan further commented. “There is a voracious appetite among investors for well-located, high quality multifamily properties. Buildings of this size in this location do not come on the market often,” he said. Joshua Herbst was the attorney for Oak Tree Capital LLC while David Faloni, Esq. represented Falad Prop- erties, LLC in the sale. Ori- tani Bank provided financing for the purchaser who plans to immediately implement a value-add program to spe- cifically upgrade all apartment interiors.  digitisation within a property to be captured more accurately. In addition, the former “opera- tion” category has been rede- fined as “operational measures” so that it now covers smaller- scale energy-saving measures as well as major redevelop- ment projects such as façade renovation. The importance of green leases is also given more weight in this revised category. The overall aim of the updated SI Check is also to ensure that greater account is taken of the specific features of the different use types. Union Investment started using the revised evalu- ation procedure at the begin- ning of September 2018.  continued from page 8A Union Investment develops . . .

he approached me to sell these properties that he and his sib- lings had owned for nearly 20 years. The purchaser is a part of a multi-generational real estate family and this is the second deal he has closed since forming his own company. I am thrilled that he purchased these properties and look for- ward to closing many more deals together in the future.” The property at North Fuller- ton Ave. consists of a pre-war, five-story elevator building with 68 units comprised of seven studios, 32 one-bedroom apartments, and 29 two-bed- room apartments with on-site

nounced the recent sale of 70 residential units at 31-49 North Fullerton Ave. and 36 Forest Ave. in Montclair, New Jersey for $17.25 million. Kislak marketed the prop- erties on an exclusive basis with vice president Joseph Keenan representing both the purchaser and seller, Oak Tree Capital, LLC and Falad Properties, LLC , respectively. The seller, a longstanding client with whomKislak has complet- ed numerous transactions over the years, is a family-owned

39-41 North Fullerton Avenue

said Keenan. “I have known the seller for over 12 years and we completed many deals together. I was honored when

investor. The purchaser is a locally-based private investor. “I am grateful to have been a part of this transaction,”

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