In Bergen County, a three-property multifamily portfolio with a total of 87 residential units has sold for a total of $15,725,000.
The Kislak Company, Inc. announced the off-market deal which was comprised of three separate transactions. A 38-unit property at 403 Prospect Avenue and 333 Passaic Street in Hackensack sold for $6,450,000. Riverside Terrace, a 24-unit property in Bogota, sold for $4,900,000, while Queen Anne Apartments, a 25-unit property in Hackensack, sold for $4,375,000.
The Prospect Avenue/Passaic Street property holds 38 one-bedroom units within two three-story buildings. It was built in 1970 and has hardwood floors, parking, and on-site laundry facilities.
Riverside Terrace holds 24 residential units and is located at 114-138 River Road in Bogota. The three-story building was built in 1962 and was recently converted to gas heat with a new boiler. Units include full kitchens and hardwood floors while the property has on-site parking and laundry facilities.
Queen Anne Apartments consists of 25 residential units in a three-story building located at 230 Polifly Road. It was built in 1985 and includes a parking lot and laundry facilities, while the units have hardwood floors.
The seller, Sanzari Residential, LLC, was represented by vice president Andrew Scheinerman, who also procured the purchasers of Riverside Terrace and Queen Anne Apartments. Vice president Robert Squires secured the purchaser for the Prospect Avenue/Passaic Street property.
“Our offering of the portfolio presented an extraordinary opportunity for investors to acquire well-maintained and well-performing garden apartments in among the strongest rental markets in northern New Jersey,” said Scheinerman. “The sales resulted in a record per unit price of more than $180,000.”
All three properties were fully occupied at the time of closing.