Kislak completes sale of three apartment buildings totaling $5.97 million

The Kislak Co., Inc., completed the sale of three apartment buildings comprising 42 residential units and one commercial space. The sale included Hampton West Apartments, an 18-unit property with a medical office located 153-161 Third Ave.; Sutton Place Apartments, a 17-unit property located at 57 Crest St.; and Hampton East Apartments, a seven-unit property located at 19 Crest St. The totaling sales price was $5.97 million. Hampton West Apartments sold for $2.85 million and Sutton Place Apartments and Hampton East Apartments sold together for $3.12 million. VP Matt Weilheimer represented the seller in each transaction and also represented the purchaser, a private investor, of Hampton West Apartments. Sales associate Joseph Keenan represented the purchaser, also a private investor, of Sutton Place Apartments and Hampton East Apartments. "The sale of these properties illustrates both the strength of multifamily investment properties in northern N.J., especially in A-plus locations, and the continued demand for multifamily properties, said Weilheimer. These transactions were unique in that the seller of all three properties was the original builder and the properties had never before been available. The seller is a long-time Kislak client and, given the continued demand for apartments, gave Kislak an exclusive listing agreement to sell the properties. We were able to procure purchasers for the properties and they had a strategy to acquire and maintain on a long-term basis very strong and established properties in premier locations." "The purchaser of Hampton East and Sutton Place Apartments has had a long relationship with Kislak, yet these were the first properties they purchased through us," said Keenan. "This demonstrates once again Kislak's ability to work closely with clients until we find the right properties for them." Each property is located within one mile of the others and the downtown commercial district, with easy access to the Garden State Parkway, Rtes. 4 and 17. Each property consists of a three-story brick building with pitched mansard roofs, one-bedroom apartments, on-site parking and laundry facilities. "Despite the national economic outlook, Kislak continues to have success listing and selling investment properties, especially apartments, in N.J.," said Jeffrey Wiener, president and co-managing director. "Our clients understand the long-term strength of the market and continue to look to us for properties. These are exceptional properties in an exceptional location. Matt did an excellent job marketing the properties to our broad client base and he and Joe once again were able to find the prefect buyers. Their efforts illustrate why Kislak has thrived through so many market cycles for over 103 years. I am extremely proud of their accomplishments." Weilheimer has been with Kislak for over 13 years and is consistently one of the firm's leading producers. Keenan joined Kislak in 2006 and was the co-recipient of the firm's Rookie of the Year Award in 2008. Kislak is recognized as the dominant investment sales company serving the multifamily and retail markets. Established in 1906, Kislak's market leadership position and longevity is due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak's client base includes individual investors and owners, partnerships, financial institutions REITs. The firm's 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware. For more information on Kislak, visit www.kislakrealty.com.