Upgrades Lead to Portfolio Sale for Urban MF Properties in Irvington, NJ
Kislak's Joni Sweetwood says the sale reflects a current market trend in which “owners are improving urban properties to a level that surpasses even properties in ‘high-end’ towns.”
IRVINGTON, NJ—The Kislak Company brokered the $17.8 million sale of a seven-building portfolio in Irvington, NJ, with 184 residential units, six stores and one income-producing antenna.
The properties are located at 2-10 Wagner Place; 38-40 Chester Avenue; 979-983 Clinton Avenue; 494 Stuyvesant Avenue; 780-86 Lyons Avenue; 51 Linden Avenue; and 26-28 Chester Avenue.
Kislak marketed the portfolio on an exclusive basis. Senior vice president Joni Sweetwood represented the seller and procured the purchaser. The sale marked both parties’ initial transaction with Kislak.
Sweetwood says the sale reflects a current market trend in which “owners are improving urban properties to a level that surpasses even properties in ‘high-end’ towns.”
“The properties were completely renovated and include luxury units in mint condition in an urban setting,” she says. “The purchaser plans to maintain their luxury status and increase rents as there is a strong demand for quality housing in urban areas. The result is fully-occupied properties with increasing rents.”
The buildings at 780-86 Lyons Avenue (also known as 106 Lincoln Place) and 26-28 Chester Avenue (also known as 80 Welland Avenue) house 22 and 11 residential units, respectively, and each have three stores at street level. The property at 979 Clinton Avenue has 31 residential units and an income-bearing antenna on its rooftop. It is located in the heart of Irvington in one of its highest appreciating neighborhoods since 2000.
The residential unit mix for all buildings in the portfolio includes 17 studios, 142 one-bedroom apartments, 20 two-bedroom apartments, four three bedroom apartments and one four-bedroom apartment. All buildings have renovated exteriors and common areas with key fob entries and security cameras.
The properties are located near each other and are close to Irvington’s large bus station and the Garden State Parkway, making for wide use of local public transit in addition to car commuting. Arbor provided financing for the portfolio in a market area where more than 75 percent of the housing is either small apartment buildings or larger apartment complexes.