Lucern Capital Partners sells four property portfolio for $8.5 million
IRVINGTON, NJ — Lucern Capital Partners, has sold a four property portfolio for $8.5 million ($100,000/unit) in Irvington to a private investor. Lucern Capital Partners pieced the portfolio together, located on Clinton, Linden, and Stuyvesant Aves. over the last 20 months over three separate transactions. The buildings were constructed between 1920 and 1966 and represent a record price per unit in the submarket for buildings of this vintage. “We have always seen upside in Irvington and focused our efforts here while transactional volume was exploding in neighboring East Orange. Outside of Irvington’s desirable geographic location, which is proximate to workforce employment centers, we felt Irvington’s long standing negative connotation provided an arbitrage opportunity relative to greater Essex County.