(Mark Your Calendars: RealShare Apartments East, February 15th in Washington, DC).
JERSEY CITY-The Sevilla Apartments, a 116-unit apartment building with 14 retail spaces at 2801 John F. Kennedy Boulevard near Journal Square here, has been sold for $11.2 million, says The Kislak Co., which represented both parties, private entities and longtime Kislak clients, in the transaction.
Constructed in 1925, the five-story brick elevator building has 116 residential units that are 97% occupied and 14 fully leased retail spaces. The cap rate was 5.75%, Kislak says.
“This is a trophy building,” said Barry Waisbrod, the Kislak VP who had the exclusive listing and quickly found a buyer.
The seller, primarily an office building owner with many properties outside of New Jersey, had owned the Sevilla Apartments for 20 years, and was looking for a 1031 exchange. The new owners are going to undertake some renovations, Waisbrod says. The seller was represented by Harry Reidler, Esq. of Fort Lee, New Jersey and the purchaser was represented by Joanne Sarubbi, Esq. of Millburn, New Jersey. Financing was provided by Oritani Bank.
The Journal Square area is among the city’s primary business districts and also boasts a desirable residential area and the city’s transportation hub, making it a major investment opportunity.
“It’s a great area,” Waisbrod says. “This is a large property, very well maintained. This was a very clean deal.”
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