M id A tlantic Real Estate Journal — September 2023 — 3A
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M id A tlantic R eal E state J ournal Sweetwood represents both sides in transaction Kislak sells multifamily portfolio in Irvington, NJ
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OODBRIDGE, NJ — The Kislak Company, Inc. an-
nounced the recent sale of a seven-prop- erty multi- family port- folio with 184 residential units and six retail spaces in Irvington, Essex Cty. The properties are located at the following addresses. • 26-28 Chester Ave. (11 units and 3 retail spaces) • 38-40 Chester Ave. (21 unit)s • 979-983 Clinton Ave. (31 units) • 51-57 Linden Ave. (29 units) • 780-786 Lyons Ave. (22 units and 3 retail spaces) • 494 Stuyvesant Ave. (37 units) • 2-10 Wagner Place (33 units) Terms of the sale were not disclosed. Kislak marketed the port- folio on an exclusive basis on behalf of the seller, a publicly traded Canadian company, Joni Sweetwood
494 Stuyvesant Ave.
with executive vice president Joni Sweetwood handling the assignment. Sweetwood also procured the purchaser, a longtime Kislak client for whom Sweetwood has handled many other sales. Sweetwood commented, “This is a well-maintained portfolio in a strong northern New Jersey rental market with easy access to New York City. These factors and the potential upside in rents ap- pealed to the purchaser. The sale is a testament to the con- tinued strength of the market for multifamily properties in
northern New Jersey, and although there were many complexities in the transac- tion, we knew we could get it closed together.” The portfolio consists of seven buildings located within close proximity of each other. The residential units include a mix of studios and one-, two-, three- and four-bedroom units, many of which had some level of renovation. Other portfolio highlights include new boilers and hot water heaters, many replaced pipes and risers, and security cameras with a key fob entry system. MAREJ
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