Kislak Sells 37 MF Units in Two Newark Properties
Given the continued economic revival in Newark and its easy access to and from New York City, multifamily investors have strong interest in the city, says The Kislak Company.
NEWARK, NJ—Demonstrating the strong market for multifamily properties in an economically resurgent Newark, The Kislak Company brokered the sale of two multifamily properties with 37 residential units in Newark, NJ for $2.46 million. The sale included a 21-unit property at 32 Dayton Street and a 16-unit property at 377 Clinton Place.
Kislak marketed the properties on an exclusive basis with sales associate Michael Salomon handling the assignment and identifying the purchaser. The buyer and seller were not identified.
“This sale exemplifies the continued strength of the Newark multifamily market,” says Salomon. “The city’s renaissance continues and, as a result, multifamily investments remain strong.”
The properties sold at a cap rate of 7.1%.
The Dayton Street property is a four-story brick apartment building of recently renovated apartments across from Weequahic Park. The property houses 19 one-bedroom and 2 two- bedroom apartments with onsite laundry. The former owner had made several capital improvements to the building including new kitchens, windows, electrical panels, boiler and roof.
The Clinton Place property is a two-story brick apartment building with 12 one-bedroom, 3 two-bedroom, and 1 three-bedroom units, housed under a newly replaced roof. Both properties are in prime locations in the Dayton neighborhood of the South Ward section of Newark, close to public transportation and Newark Liberty International Airport.
Given the continued economic revival in Newark and its easy access to and from New York City, multifamily investors have strong interest in the city. Many new developments are planned, and large employers include Prudential, Panasonic, Audible (a division of Amazon.com) and HelloFresh.