16B — March 28 - April 10, 2014 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
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M ULTIFAMILY /POA E XPO
148 Units Trade in Hackensack and Ridgefield Park Kislak completes $19 million sale of Bergen County, NJ multifamily properties
ERGEN COUNTY, NJ — The Kis lak Company, Inc. an- nounced the sale of three mul- tifamily properties in Bergen County totaling $18,867,000. The transactions include the $13,277,000 sale of Cambridge Arms Apartments, a 101-unit mid-rise apartment building in Hackensack; the $2,990,000 sale of a 28-unit apartment building in Hackensack; and the $2,600,000 sale of a 19-unit multifamily property in Ridge- field Park. “Bergen County is among the strongest markets in New Jersey for multifamily proper- B
tion of one- and two-bedroom apartments, many with views of Manhattan, and on-site parking. Co-managing director Jeffrey Wiener represented the seller and vice president Jonathan Greenberg repre- sented the purchaser. Financing was provided by Columbia Bank . At the time of closing, the property was approximately 96% occupied. The 28-unit property in Hackensack is a garden-style apartment complex with pri- vate entrances, on-site park- ing, and garages located on First St. The property is in an excellent location behind
ties,” said Robert Holland , president and co-managing di- rector. “There is extraordinary demand there and elsewhere in New Jersey, and these sale prices are indicative of the demand among investors for well-performing properties in desirable locations.” Cambridge Arms Apart- ments is a 101-unit all brick mid-rise apartment building located on Polifly Rd. in Hack- ensack. The property is con- veniently located seven miles from the George Washington Bridge and 12 miles from mid- town Manhattan. Constructed in 1967, it includes a combina-
Cambridge Arms Apartments
Hackensack University Medi- cal Center near Route 80. Recent improvements include eight renovated units, new windows, updated masonry and re-pointed bricks. Sales associate Andrew Scheiner- man represented both parties in the transaction. “Kislak was retained on an exclusive basis to market and sell the property,” said Scheinerman. “There was a four-year tax appeal that had to be resolved and damage from two fires that required repair before we could close. The sale marked our first transaction with the seller who had not sold a property in many years, and the purchaser is a long-time Kislak client.” Financing was provided by Northfield Community Bank . At the time of closing, the property was 100% oc- cupied. The 19-unit property in Ridgefield Park is a three-story all brick apartment building located on Teaneck Road. It includes large apartments, an updated lobby and hallways, and is located minutes from the George Washington Bridge close to downtown Ridgefield Park and neighboring Te- aneck. Sales associate Andrew Scheinerman also represented both parties in the transaction. “We were also retained on an exclusive basis to market and sell the property, and the $137,000 per unit price that we achieved for a large REIT demonstrates the area’s desir- ability” said Scheinerman. “We had an offer and acceptance within seven days and the pur- chasers were prepared to close immediately upon contract execution.” At the time of closing, the property was 100% occupied.
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