The Kislak Company, Inc. announced the $5 million sale of two adjacent apartment buildings totaling 24 units at 185–191 Grove Street in Passaic.
Senior Vice President Robert Squires marketed the properties on an exclusive basis for the seller, 185-189 Grove St. LLC, and also procured the undisclosed purchaser. Allen Popowitz of Brach Eichler LLC represented the seller as legal counsel, while William Schey served as the purchaser’s attorney. Financing for the acquisition was provided by M&T Bank, with Andrew Wexler of A2 Financing facilitating the loan.
The portfolio features two side-by-side, well-maintained buildings comprising a total of twelve spacious three-bedroom units each, alongside a rear parking lot. Having undergone extensive capital improvements—including the modernization of 17 apartments and updates to common areas—the fully occupied properties offered the buyer a turnkey investment with stable, in-place income.
“I sold these properties to the owner 12 years ago and it was their first acquisition,” Squires noted. “Since then, I have helped them acquire and sell more than $50 million of real estate. Our successful marketing efforts resulted in 12 qualified offers in just three weeks, allowing us to achieve a record price.”
Situated in the heart of Passaic, the location offers strong rental demand backed by dense residential populations and close proximity to major regional transit arteries, including Routes 3, 21, and 46, Interstate 80, and the Garden State Parkway.
