The Kislak Company, Inc. on Tuesday announced the recent sale of a three-property multifamily portfolio in Bergen County for a total of $20,725,000. The transaction comprises 116 total apartment units distributed across the municipalities of Hackensack and Lodi.
Senior Vice President Andrew Scheinerman handled the assignments and marketed the properties on behalf of the sellers—including exclusive marketing rights for the Hackensack assets—and successfully procured the buyers. The identities of the transaction parties were not disclosed.
“River View Apartments commanded one of the highest prices per unit ever achieved for a vintage multifamily asset in Lodi, underscoring the market’s appetite for quality apartment investments,” Scheinerman commented. “Royal Court and Windsor Apartments offered an exceptionally rare opportunity, having been owned by the same family for more than eight decades before the owners chose to capitalize on today’s strong investment market.”
The portfolio transaction was executed via a strategic investment chain. The seller of the Lodi property utilized the transaction to complete an I.R.C. Section 1031 Exchange by purchasing one of the Hackensack properties, while that same purchaser simultaneously acquired the third asset in the portfolio.
The three properties involved in the transaction include:
- Royal Court Apartments ($9,700,000): Located at 5 Pangborn Place in Hackensack, this 59-unit property traded hands for the first time in over 50 years. Constructed in 1937, the five-story, 37,400-square-foot brick building includes nine junior one-bedrooms, 35 standard one-bedrooms, 12 large one-bedrooms with dining rooms, and three two-bedroom layouts featuring dining rooms.
- River View Apartments ($6,100,000): Located at 60 South Main Street in Lodi, this two-story brick building consists of 28 updated units. The unit mix features two studios, 14 one-bedroom/one-bath units, and 12 two-bedroom/one-bath layouts. The property offers onsite parking and achieved a 20% to 25% increase in its rent roll under the prior ownership.
- Windsor Apartments ($4,925,000): Situated at 70 Anderson Street in Hackensack, this asset also traded for the first time in over a half-century. Built in 1925, the four-story, 27,800-square-foot brick facility houses 29 residential units, including four efficiency one-bedrooms, 12 standard one-bedrooms, 12 two-bedrooms with dining rooms, and one three-bedroom basement apartment.
Prior to the closing, more than 90% of the apartment units at both Royal Court and Windsor Apartments underwent capital improvements. Renovations featured new kitchen and bathroom fixtures, updated appliances, and refinished or replaced flooring. Select interior non-bearing walls were also removed to establish open floor plans while preserving the historical pre-war architecture. Building amenities include functioning elevators, onsite laundry hubs, refreshed landscaping, and landlord-paid heat and hot water.
The assets hold an average in-place monthly rent ranging from approximately $1,425 to $1,450, leaving room for future rent growth. Furthermore, the properties operate under a favorable 5% rent control regulation that features vacancy decontrol provisions based on the utility payment framework.
Geographically, the buildings sit near major regional transit veins including Routes 4, 17, and 80, giving tenants direct access to local parks, schools, shopping centers, and NJ Transit commuting options to New York City.
