Sanzari Sells Three-Property Bergen County Multifamily Portfolio for $15.7M
The separate transactions announced by brokerage firm the Kislak Company, Inc. involved a total of 87 residential units and included the $6.45-million sale of the 38-unit property located at 403 Prospect Ave. and 333 Passaic St. in Hackensack.
WOODBRIDGE, NJ—Sanzari Residential LLC of Hackensack has sold a three-property portfolio of communities in Hackensack and Bogota for a total sale price of $15.725 million.
The separate transactions announced by brokerage firm the Kislak Company, Inc. involved a total of 87 residential units and included the $6.45-million sale of the 38-unit property located at 403 Prospect Ave. and 333 Passaic St. in Hackensack; the $4.9-million sale of Riverside Terrace, a 24-unit property in Bogota; and the $4.375 million sale of Queen Anne Apartments, a 25-unit property in Hackensack.
In its announcement, Kislak did not disclose the identity of the buyers of the respective properties.
Kislak VP Andrew Scheinerman represented the seller, Sanzari Residential, LLC, in the transactions. Scheinerman also procured the purchasers for Riverside Terrace and Queen Anne Apartments. VP Robert Squires procured the purchaser for the property located on Prospect Avenue and Passaic Street.
“Our offering of the portfolio presented an extraordinary opportunity for investors to acquire well-maintained and well-performing garden apartments in among the strongest rental markets in northern New Jersey,” Scheinerman says. “The sales resulted in a record per unit price of more than $180,000.”
The property located at 403 Prospect Ave. and 333 Passaic St. consist of 38 one-bedroom units in two adjacent, three-story buildings with parking. The property, built in 1970, is centrally located on Prospect Avenue and has on-site laundry facilities and hardwood floors.
Riverside Terrace is a three-story building built in 1962 and consists of 24 residential units located at 114-138 River Road in Bogota. The building was recently converted to gas heat and has a new boiler. There is on-site parking and on-site laundry facilities. Unit features include full kitchens and hardwood floors.
Queen Anne Apartments is a three-story building with 25 residential units built in 1985. The property is located at 230 Polifly Road and includes a parking lot. The units also include hardwood floors and on-site laundry facilities.
All of the properties were fully occupied at the time of closing. Financing for each purchase was provided by Oritani Bank. For legal representation, Richard Kahn of Winne Banta Basralian & Kahn, P.C. represented the seller in each transaction. Kevin Kelly of Kelly, Kelly, Marotta & Tuchman, LLC represented the purchaser of the property located on Prospect Avenue and Passaic Street and Joseph Maccarone of Maccarone Law represented the purchaser of Queen Anne Apartments.