POMPTON LAKES-The Kislak Company has completed the sale of two multifamily properties for $9.3 million in Passaic County. Both the buyers and sellers in each transaction are private investors, the company said.
The purchase price for 68-unit property on 4.5 acres in Pompton Lakes was $7.9 million, and a 14-unit property in Clifton sold for $1.4 million. Transactions in this area are rare, says Robert Squires, a Kislak VP, as many of the owners have held the properties for decades and are reluctant to sell. “Given the supply and demand, there’s only so many buildings that trade,” Squires tells GlobeSt.com in an exclusive interview.
Yet the Pompton Lakes deal closed in 40 days. The cap rate was below 6%. “We had a terrific mortgage broker,” Squires says. Financing was arranged by Brian Greenfield of M. Tuck Capital Associates.
The Pompton Lakes property, constructed in the mid-1970s, consists of large one-bedroom apartments with open kitchens, balconies and individual HVAC units. The seller was represented by Brian Fahey, Esq. of Bedminster, NJ. The purchaser was represented by Andrew Niadeck, Esq. of Nutley, NJ. At the time of closing, the property was 100% occupied.
The Clifton property, located close to the Garden State Parkway and Route 46, contains 14 one-bedroom apartments and 10 garages with additional parking in a newly paved lot. It is also was built in the mid-1970s.
The seller provided the purchaser with a purchase money mortgage. Frank Cozzarelli Jr. of Belleville, NJ, represented the purchaser. At the closing, the property was 100% occupied.
The firm also recently completed $9.2 million in deals in Elizabeth, including the sale of a 46-unit property on North Broad Street; a 41-unit property on Westfield Avenue; a 40-unit property on Jersey Avenue and a 16-unit property on Westminster Avenue.
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