10B — January 13 - 26, 2017 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
Rose Garden Apartments trades for record price per unit Kislak completes $6.1 million sale of forty apartments in Hackensack, NJ
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and cap rates have become more and more compressed as demand increases.” “This was our sixth transac- tion with the seller and the fifth with the purchaser, a loyal long-time client,” added Greenberg. Rose Garden Apartments consists of 40 residential units in two brick, two-story apart- ment buildings with pitched roofs, 22 garages and 27 on-site parking spaces. Tenants have access to on-site laundry rooms and storage units, and they are responsible for electricity and heat. The property is situated in the quiet Fairmont neigh- borhood near Prospect Ave. The property was fully occu- pied at closing. Financing was provided by Oritani Bank . Scheinerman joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. After his first year with Kislak, Scheinerman also received the Rookie of the Year award. Greenberg joined Kislak in 1999 and is consistently among the firm’s leading producers. He is a two-time past recipient of the firm’s Production Award and Salesperson of the Year award. n Bussel Realty leases 10,000 s/f SOUTH PLAINFIELD, NJ — Bussel Realty Corp. (BRC) , a corporate and indus- trial real estate services firm in New Jersey, announced Century Marketing, LLC has leased a free standing 10,000 s/f industrial property at 2216 Hamilton Blvd. in South Plainfield (shown). BRC vice president Anthony Mirco- vich represented the owner, J.L. Sullivan Auto Body. “It was a pleasure to work with Century Marketing and the move from Hackensack, New Jersey, will better serve its clientele in the region,” said Mircovich. 2216 Hamilton Blvd. offers 20-foot ceiling heights, two drive-in doors and one loading dock. The property is located directly off Exit 4 of I- 287. n
and vice president Jonathan Greenberg represented the purchaser. “ B e r g e n
A C K E N S A C K , NJ — The Kislak Company, Inc. an-
nounced the recent sale of Rose Garden Apartments, a 4 0 - u n i t a p a r tme n t compl ex in H a c k e n - sack, Bergen County, New J e r s e y f o r $6.1 million.
C o u n t y i s among the s t r o n g e s t markets in the subur - ban Tri-State A r e a f o r multifamily properties,” s a i d R o b - ert Holland,
Andrew Scheinerman
Jonathan Greenberg
Rose Gardens
the demand among investors for well-performing properties in desirable locations.” “At $152,500 per unit, the sale of Rose Garden Apart-
ments is the second highest per unit price achieved for a garden apartment complex in Hackensack,” said Scheiner- man. “Prices continue to rise
president. “There is extraor- dinary demand there and elsewhere in New Jersey, and this sale price is indicative of
Kislak marketed the proper- ty on an exclusive basis. Sales associate Andrew Scheiner- man represented the seller
7:55 AM Welcome & Introduction 8:00 AM Market Forecast Update – State of Land Sales 9:00 AM Residential Home Builder and Developer Update 9:55 AM Break 10:05 AM How to Effectively Work With Municipalities 11:00 AM How Developers Can Work With Land Owners to Maximize Value Using Structured Seller Financing or Joint Ventures 12:00 PM Adjourn & Networking
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