Four Newark Multifamily Properties Change Hands
The four-property portfolio that was sold include: 12 units at 48 Millington Ave., 16 units at 51 Summit Ave., 20 units and a developable lot at 291 Wainwright St. and 21 units at 535 Hawthorne Ave.
NEWARK, NJ—Commercial brokerage firm The Kislak Co. reports it has brokered the sale of four multifamily properties here that total 69 units.
The four-property portfolio that was sold include: 12 units at 48 Millington Ave., 16 units at 51 Summit Ave., 20 units and a developable lot at 291 Wainwright St. and 21 units at 535 Hawthorne Ave.
Kislak marketed the portfolio on an exclusive basis with SVP Robert Squires leading the assignment. He was supported by sales associate Michael Kossak. Kislak SVP Jeff Squires procured the purchaser.
The brokerage firm in its announcement did not identify the buyer or seller of the Newark multifamily portfolio that was 100% occupied at the time of the sale.
“There is a huge demand for well-maintained apartment buildings in northern New Jersey and these buildings, in a great rental market, offer a large upside in rents,” Kossak says.
The portfolio consists of four three-story brick apartment buildings with a variety of unit sizes all within close proximity of each other. The developable lot is currently used for parking and includes a cell tower lease pending municipal approval.