M id A tlantic Real Estate Journal — Owners, Developers & Managers — Ask The Experts — June 26 - July 16, 2020 — 7B Ask The Experts
www.marej.com
By Robert Holland, The Kislak Company, Inc. Multifamily remains among the safest and most reliable investments
T
he new year was barely underway when CO- VID-19 crept into our
Along the way, some things have not changed – we remain available to our clients 24/7, and we continue to be a re- source for them as we all try to close deals. And closings are occurring, we just have to be more creative as we work with physical and in-person limitations. Fortunately, our relationships with the real estate community run deep, and we can leverage those relationship with lenders, mortgage brokers, attorneys, title companies and others to help move transactions to clos- ings. When advising buyers and sellers, we stress the need
for patience and flexibility. At Kislak, we are optimistic about the multifamily market. The first quarter of the year was strong, and we expect the demand for apartments will continue to grow, especially in suburban markets. The num- ber of people working remotely has increased greatly the past few months, and that is likely to continue post-pandemic. How and where people live, work and shop may be forever changed by COVID-19. The continuation of histori- cally low interest rates, dra- matic stockmarket swings and lower returns on many other
types of investments, all com- bine to maintain the appeal of multifamily properties’ reli- able, comparatively low-risk returns. Sellers benefit from still-aggressive prices, while buyers can take advantage of the availability of financing at attractive interest rates. With interest rates expected to re- main near zero through 2022, purchases and refinances are very attractive. The demand for apartments is high and col- lections have seen only slight drops in our markets, adding to the desirability of multifam- ily properties among owners and investors. Multifamily
remains among the safest and most reliable investments. The fact that Kislak has been around for more than a century is reassuring. With hard work and ingenuity, we have survived and thrived through economic ups and downs, depressions, reces- sions, wars, terrorism, social and civil upheaval. We under- stand the importance of family and the value of relationships. We keep our word and main- tain our integrity, one virtual handshake at a time. Robert Holland is presi- dent of The Kislak Com- pany, Inc. MAREJ
lexicon, con- sumed our a t t e n t i o n and shook our founda- tion. We all s c r amb l e d to adjust, on the work and home fronts,
Robert Holland
as we carefully monitored the developments that were impacting our physical, emo- tional and economic health. Three months following the declarations of public health emergencies, many answers still elude us, but we have been reminded that we are resilient, we are creative, and we are at our best when we are doing our best for others. As the pandemic encroached on our country, our commu- nities and our families, it became clear we could not continue with business as usual. Thankfully, the Kislak team is adept and prepared. We quickly implemented plans for remote operations and fo- cused on safely and effectively serving our clients. Conference calls and virtual meetings and tours have helped keep transactions moving. And we are now transitioning to in person meetings and tours while following guidelines for social distancing, facial cover- ings and other precautionary measures. Kislak taps Central PA market in $12.1 million sale HARRISBURG, PA — The Kislak Company, Inc. announced the recent sale of Mulberry Station Apartment Homes, a 100-unit apart- ment complex in downtown Harrisburg for $12.1 million. The property is located at 200 South Court St. Kislak marketed the prop- erty with president Robert Holland and VP Matt Wolf handing the assignment. They also procured the purchaser. “We received a tremendous amount of interest and offers given the lack of supply in the central Pennsylvania market,” said Wolf. “The purchaser is very excited to increase his presence in the Harrisburg market and this an excellent opportunity for him to obtain a second local property.” MAREJ
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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