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New York & Tri-State  + New Jersey  + Apartments  | 

Kislak Sells Newark Apartments with Rental Upside

The Kislak Company arranged the sale of a four-property multifamily portfolio totaling 69 units in Newark, NJ. The portfolio traded for $5.8 million and includes 48 Millington Ave., 51 Summit Ave., an apartment building and a developable lot at 291 Wainwright St. and 535 Hawthorne Ave.

Kislak marketed the portfolio with SVP Robert Squires leading the assignment, supported by sales associate Michael Kossak. SVP Jeff Squires procured the undisclosed purchaser.

“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,” said Kossak.

The portfolio includes four three-story brick apartment buildings, all within close proximity of each other. The developable lot is currently used for parking, and includes a cell tower lease pending municipal approval, thereby offering potential increased revenue.

The properties were 100% occupied at the time of the sale.

Pictured: 51 Summit Ave.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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