Kislak Sells Paterson, NJ, Multifamily Portfolio

339 Broadway, Paterson, NJ, and Kislak vice president Jonathan Greenberg

PATERSON, NJ—The Kislak Company brokered the sale of a portfolio of three multifamily properties in Paterson, NJ for an undisclosed price. The properties included in the sale were:

• 324 Broadway with 38 units;
• 339 Broadway with 55 units; and
• 432 Broadway with 43 units.

Kislak marketed all of the properties on an exclusive basis on behalf of a longtime client and vice president Jonathan Greenberg represented both parties in the transactions. The purchaser was also a longtime Kislak client. “Paterson is a very hot rental market with a large percentage of renters, a growing population and occupancies typically at or near 100 percent,” says Robert Holland , president. “Jon and our team generated strong interested in the portfolio from local and regional investors. Jon did an excellent job procuring a purchaser who was able to close within 30 days of contract signing.” 324 Broadway is a five-story, brick, mid-rise elevator building with studios and one-, two- and three-bedroom units. 339 and 432 Broadway are brick, mid-rise buildings with studios and one- and two-bedroom units. All properties are well-maintained and professionally- managed and landscaped with many recent improvements. “This was an extraordinary opportunity for an investor to acquire well-maintained and well-performing properties with upside potential in an excellent location,” says Greenberg . “It is a testament to our ability to find the right buyer for the right properties with the ability close so quickly. Other local and national brokers had the opportunity to sell the portfolio but did not.”