Gatto & Ozturk of Marcus & Millichap represent the seller and procure the buyer in $22M sale
EAST ORANGE, NJ — Marcus & Millichap has announced the sale of Robert Towers, a 11-story, 206-unit multifamily asset in East Orange. The property sold for $22 million, which equates to $106,796 per unit. Marcus & Millichap Capital Corp. (MMCC) arranged $19.8 million in acquisition financing.“Leveraging our platform and process, we generated interest from over 100 investors from 15 offices across the country, created a competitive buying environment and generated 17 offers in 30 days, including five from out-of-market buyers,” said Fahri Ozturk, vice president investments in Marcus & Millichap’s New Jersey office.“East Orange is going through a tremendous revitalization centered around its two NJ Transit train stations, East Orange Station and Brick Church Station, which provide commuters with direct access to Midtown Manhattan via a 25-minute train ride,” adds Richard Gatto of Marcus & Millichap’s New Jersey office. READ MORE.