Paulison Arms Apartments is a 37-unit, four-story brick elevator building. The sale price factors out to just under $56,800 per unit. The buyer obtained new financing for the property, which changed hands for all cash, according to Jeffrey Wiener, president of the Kislak Co. The buyer also plans to make some capital improvements at the complex.
The transaction is the latest of several investment sales of various property types that have occurred in the Passaic region, which is very tight in terms of vacancies, according to Wiener. One of the most visible transactions was the recent sale of the Rag Shop Shopping Plaza in Hawthorne, NJ, which traded for $11 million.
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