Real Estate Journal — Owners, Developers & Managers — May 26 - June 8, 2017 — 5B
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M id A tlantic
O wners , D evelopers & M anagers Sweetwood reps. purchaser in Union Ave. sale & Scheinerman reps. lessee inMaple Valley transaction VP Davidovic of The Kislak Co. leads sales and leasing of 178 units and four retail spaces
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a main street in Irvington with abundant foot traffic and easy access to the Garden State Pkwy. Maple Valley Apartments is a 60-unit apartment complex. All units are one bedrooms and the property includes on-site parking and laundry facilities. The property is located imme- diately behind the Maplewood Community Center only min- utes fromRte. 78 and The Mall at Short Hills. “The long term ground lease will allow the lessee ample time to implement a value add strategy,” said Scheinerman. n
potential for adding value by improving the management of the properties. He assumed management prior to the sale, resolved several operational problems and raised rents. These properties are well- located near the Irvington bus station and adjacent to large medical office buildings that have recently been renovated. The area is bustling.” 1010-1016 Clinton Ave. con- sists of 12 residential units and four retail spaces with 3,000 s/f. The property was recently gut renovated and is in excel- lent condition. Clinton Ave. is
SSEX COUNTY, NJ — The Kislak Compa- ny, Inc. announced the
recent clos- ing of three multifamily transactions with a total of 178 resi- dential units and four re- tail spaces in Essex County for $11.6 million.
Scott Davidovic
The separate transactions include the $6.5 million sale of two buildings with 106 resi- dential units at 64 and 70-94 Union Ave. in Irvington; the $1.1 million sale of a building with 12 residential units and four retail spaces at 10101- 1016 Clinton Ave. in Irvington; and the long term ground lease of Maple Valley Apartments, a 60-unit apartment complex at 744 Valley St. in Maplewood. The ground lease includes an upfront payment of $4 million along with annual ground rent. Vice president Scott Davi- dovic represented the seller in the Union Ave. sale and senior vice president Joni Sweet- wood represented the pur- chaser. Davidovic represented the seller and purchaser in the Clinton Ave. sale. And Davi- dovic represented the lessor in the Maple Valley ground lease and sales associate Andrew Scheinerman represented the lessee. All transactions followed the owners’ engagement of Kislak on an exclusive basis. “Essex County has proven to be a very stable rental market in New Jersey with consistent rent growth,” said Davidovic. “Investor demand remains very strong and de- spite a modest uptick in inter- est rates, attractive financing is still available, which allows property owners to sell at low cap rates.” 64 Union Ave. is a five-and- one-half-story brick elevator building with 46 units. 70-94 Union Ave. is a two-story, brick garden style building with 60 units. Features include on-site laundry rooms, garages and ample parking. Both buildings are centrally located near pub- lic transportation, the Garden State Pkwy. and Rte. 78. “This sale presented an un- usual opportunity for a buyer to acquire a large number of units in one location in Irvington,” said Sweetwood. “The buyer understood the
Long term ground lease of Maple Valley Apartments
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