Gatto & Ozturk of Marcus & Millichap arranges the sale of a 81-unit apartment building
ORANGE, NJ — Marcus & Millichap announced the sale of 400 Highland Terrace, an 81-unit mult, that sold for a record price of $172,840 per unit, for a total sale price of $14 million, according to James McGuckin, regional manager of the firm’s New Jersey office. Richard Gatto and Fahri Ozturk, investment sales specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. They also represented the buyer, a private investor. Recently, the Valley neighborhood in Orange and West Orange has experienced a massive influx in development with projects, such as Hat City Lofts, Edison Lofts and the Harvard Printing Apartments opening their doors close to the Highland Avenue Train Station, which offers a 28-minute commute to New York City. “400 Highland Terrace sold at a record price per unit for similar product type even with the many challenges presented during the pandemic, fortunately, our process and long term relationships gave us the ability to get this deal across the finish line,” said Richard Gatto. 400 Highland Terrace has been renovated with 20 luxury apartments, a new roof, and two elevators. The property has a unit mix of 10 studios, 61 one-bedrooms, 10 two-bedrooms and 34 parking spaces.