Arlington Court Apartments, a 53-unit multifamily property in East Orange has sold for $6,300,000, according to a Wednesday announcement from The Kislak Co.
Kislak marketed the property located at 212-220 Arlington Ave. on an exclusive basis with executive vice president Joni Sweetwood handling the assignment on behalf of the longtime owner, North Arlington Mgmt., LLC., and she also procured the purchaser, Realty 25 LLC.
“The unique aspect of this transaction was addressing the underground garage, which was out of service. It took a considerable amount of time and effort to address and resolve the issues surrounding it. However, with the right buyer, seller and salesperson combination, we were able to resolve the issues and close,” Sweetwood said. “I have known both the parties for many years and have transacted with them many times.”
Arlington Court Apartments consist of three, three-story brick buildings with 53 apartments and on-site parking. Apartments feature spacious layouts with hard wood flooring and abundant closet space. The unit-mix consists of 10 studios with separate kitchen and dressing areas, 23 one-bedroom units and 20 two-bedroom units. The well-maintained property presents strong value-add potential through rental increases and renovation of the garage. At the time of closing, the property as fully occupied.
The property is situated near the Garden State Parkway and Route 280 and in walking distance from East Orange train station with direct access to New York City.
