Kislak Closes Record $500M+ in NJ Multifamily Sales

Kislak Company closed more than $500 million in multifamily and mixed-use property sales across New Jersey in 2024, marking the Parsippany-based brokerage firm’s most successful year on record.

The commercial real estate company, which has specialized in apartment building sales for more than 50 years, completed transactions involving over 3,000 residential units statewide. The sales volume represents a 35% increase over the firm’s previous record, set in 2021.

“We’re seeing unprecedented investor interest in New Jersey’s multifamily market,” said Thomas Kislak, president of Kislak Company. “The combination of strong rental demand and limited inventory has created ideal conditions for property owners looking to sell.”

The firm’s largest single transaction involved the $87 million sale of a 312-unit apartment complex in Jersey City’s Newport district. Other significant deals included a $52 million mixed-use development in Hoboken and a $34 million garden apartment community in Cherry Hill.

Kislak’s success reflects broader trends in New Jersey’s housing market, where apartment vacancy rates remain below 3% in most counties. The shortage of available rental units has pushed average rents up 8% statewide over the past year, according to industry data.

The company closed deals in 18 of New Jersey’s 21 counties, with the highest activity concentrated in Hudson, Bergen, and Middlesex counties. Urban markets near transit hubs commanded the highest prices per unit, while suburban garden apartment complexes attracted investors seeking stable cash flow.

“Transit accessibility continues to drive premiums,” said Jennifer Romano, Kislak’s senior vice president. “Properties within walking distance of NJ Transit stations are trading at 20% to 30% above comparable assets without transit access.”

Several transactions involved properties being converted from rental apartments to condominiums, a trend accelerated by New Jersey’s strong for-sale housing market. The firm facilitated $78 million in conversion sales, primarily in Bergen and Monmouth counties.

Out-of-state investors accounted for roughly 40% of Kislak’s buyer pool, with private equity firms and real estate investment trusts leading the charge. Many cited New Jersey’s proximity to New York City and Philadelphia as key attraction factors.

The mixed-use sector proved particularly active, with restaurant and retail spaces commanding premium valuations. Properties featuring ground-floor dining establishments showed strong performance, reflecting New Jersey’s evolving Food & Dining scene that has attracted investors seeking diverse revenue streams.

Kislak originated as a small Newark-based firm in 1968 and relocated to Parsippany in 1987. The company now employs 47 people across New Jersey and has expanded operations into Pennsylvania and New York.

The firm’s transaction volume included several notable firsts, including the largest multifamily sale in Camden County history and the highest price-per-unit recorded in Union County. Kislak also brokered New Jersey’s first major sale involving a property purchased with cryptocurrency proceeds.

“Technology and alternative financing methods are reshaping how deals get done,” Romano said. “We’re adapting our processes to accommodate new buyer profiles and payment structures.”

Market analysts expect continued strong performance in New Jersey’s multifamily sector through 2025, driven by ongoing housing shortages and demographic shifts. The state’s population growth in the 25-44 age bracket has increased rental demand, particularly for one- and two-bedroom units.

Kislak plans to hire additional sales professionals and expand its marketing technology platforms to handle anticipated transaction volume. The firm is also exploring opportunities in emerging markets including Atlantic City and Trenton.

“New Jersey offers some of the most attractive risk-adjusted returns in the Northeast corridor,” Kislak said. “We expect investor appetite to remain strong as long as employment growth continues and new construction stays limited.”

The company’s 2024 performance positions it among the top three multifamily brokerages operating in New Jersey by transaction volume. Industry rankings will be finalized when complete year-end data becomes available in March.

Kislak maintains offices in Parsippany, Red Bank, and Princeton, with plans to add locations in North Jersey to better serve clients in Bergen and Passaic counties. The expansion would bring the firm’s total New Jersey footprint to five offices by late 2025.