In a transaction that signals a transformative new chapter for the Paterson real estate market, The Kislak Company has been named the exclusive sales broker for an expansive 85-property multifamily portfolio.
The assignment comes from Charles Florio, the prolific founder and CEO of ANIA Management, who has been a primary engine behind Paterson’s recent residential boom. The decision to market this massive collection of assets marks a strategic shift for Florio, allowing him to divest from established properties to focus on a new wave of ambitious development projects within the city.
The portfolio offers a rare, comprehensive cross-section of Paterson’s architectural and residential history. Investors will find a diverse mix of:
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Renovated Pre-War Gems: Meticulously preserved buildings that highlight Paterson’s historical “Silk City” roots.
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Modern Developments: New-construction assets that have set new benchmarks for luxury and workforce housing in Passaic County.
“It is an honor to handle the assignment,” Don Baxter, Kislak senior vice president, who is anchoring the sales team, said. “Knowing Mr. Florio and his team for over 20 years, I have witnessed firsthand his tireless and incomparable efforts to improve the city.”
For Florio and ANIA Management, which manages over 10,000 units across three states, the sale is a “passing of the torch.” By transitioning these 85 holdings to new owners, Florio intends to free up capital and management bandwidth for even larger revitalization projects that continue to reshape the local skyline.
The offering represents a “once-in-a-generation” opportunity for institutional and private investors to acquire a dominant stake in the New Jersey rental market. Paterson, the state’s third-most-populous municipality, has become an increasingly attractive destination for renters seeking affordability and transit access to New York City, located just 20 miles away.
To manage a portfolio of this magnitude, Florio turned to a firm with over 120 years of history. Kislak’s recent track record is formidable, having closed 1,700 transactions valued at $7 billion over the last decade.
The sales effort will be led by:
- Don Baxter (S.V.P.): A top producer known for his “coach’s mindset” and ultramarathon-level persistence in high-stakes transactions.
- Michael Salomon (S.V.P.): A North Jersey multifamily specialist with a recent sales total exceeding $50 million.
- Jason Pucci (CEO): Overseeing the firm’s entire sales team to leverage a vast global network of capital.
The sale comes at a time when Paterson is shedding its old industrial image in favor of a modern regional employment hub. Known for its iconic parks, rivers, and diverse culinary scene, the city is experiencing a surge in demand for quality housing.
“The diversity of the portfolio represents a unique advantage for investors,” noted Michael Salomon. “They can anticipate continued appreciation given Florio’s unwavering ongoing commitment to further improve Paterson.”
For more information regarding the portfolio or to inquire about specific assets, interested parties can contact Don Baxter or Michael Salomon at The Kislak Company, Inc. at 732-750-3000.
