Mid Atlantic Real Estate Journal — Mid Year Review — June 22 - July 12, 2012 — 5B
www.marejournal.com
M ULTIFAMILY
By Robert Holland, The Kislak Company Multifamily Classic: Proof and Profitability
D
own dedication and drive. At Kislak, we start our sales pro- fessionals off with a training program and for me, it’s truly exciting to see them really become confident, take off and grow. The Kislak philosophy is all about building relation- ships and trust – not for a year or two, but for a career. We believe our organiza- tion’s success is directly attrib- utable to the high standards of our sales and support staff. Whether we are experiencing economic highs or lows, we focus on two important areas: dedication to client needs and
superior performance. Every day, regardless of market conditions, our clients know they can count on us for comprehensive market knowl- edge and guidance. Our market leadership po- sition and longevity are due to our ability to offer clients this personalized, hands-on approach, coupled with the exceptional expertise of long- tenured professionals. Robert Holland is presi- dent and co-managing di- rector of The Kislak Com- pany, Inc. headquartered in Woodbridge, NJ. ■
uring this time of market volatility and economic uncertainty,
the 95 percent to 96 percent range. • Interest rates are low. • Rent growth, with renewal increases of 3 percent to 5 percent, and few concessions offered to new renters. Other keys to the high level of activity can be seen in our population density, job mar- ket, and proximity to New York City, where the cost of living is higher. Additionally, the high barriers to entry in many communities create greater demand for existing properties. Simply put, there is limited space available for
building new multifamily properties. We are seeing record prices for apartment buildings in the northeast, which directly reflects the low interest rates for financing, and the low rate of return on so many other types of investments. Invest- ing in multifamily real estate offers a level of certainty for today and the future. The multifamily real estate arena can also be a great career choice in today’s job market. There are opportu- nities to succeed and much of it depends on a person’s
the mul t i - family real estate story is one of that remains pos- itive. Since 1906 , The Kislak Com- pany, I nc . has skillfully navigated the
Robert Holland
ever-changing real estate market, and we have seen time and again the wisdom of investing in multifamily housing. Recent years are no differ- ent, and extraordinary sales volume is an indication inves- tors recognize the steady flow of rental income as reliable, viable and attractive. More and more people are rent- ing, some by choice and some by chance. For some, it may be too difficult to meet the qualifications for a mortgage. In other cases, we’re seeing people decide to stay renters and wait for home prices to come down. As the number of renters increases, the appeal of apartment ownership is further enhanced. There is no doubt the nation- al real estate market remains in flux for single-family and commercial properties, but the investment real estate market, especially for multi- family properties in our pri- mary markets of New Jersey, Pennsylvania, New York and Delaware, is very strong. In the first quarter of 2012 alone, Kislak closed 25 transactions throughout New Jersey, Penn- sylvania and New York, with a total value of more than $115,000,000. In our markets, the interest in multifamily properties is as strong as ever. From longtime clients and new investors, the demand is far surpassing supply. Factors contributing to this increase in multifamily activ- ity include: • Investors value the stability and reliability of multifamily properties as long-term invest- ments. • Properties in our markets have become even more at- tractive given the continued economic weakness in other parts of the country. • Our occupancy rates are high. For example, northern New Jersey averages are in
CELEBRATING OUR 106 TH YEAR
Investment Real Estate Brokerage.
32 Residential Units Irvington, New Jersey Joni Sweetwood ext 273
28 Residential Units Paterson, New Jersey Robert Squires ext 287
28 Residential Units Hackensack, New Jersey Andrew Scheinerman ext 247
24 Residential Units Belleville, New Jersey Julie Gralla ext 224
2.11 Acres of Land Robbinsville, New Jersey Matt Weilheimer ext 253
.3577 Acres of Land Millburn, New Jersey Julie Gralla ext 224
multifamily. retail. office.
www.kislakrealty.com 732 750 3000
The Kislak Company, Inc.
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