Three-building multifamily portfolio sells for $3,255,000
IRVINGTON, NJ — Marcus & Millichap announced the sale of the Ellis Apartment Portfolio, a three-building multifamily portfolio in Irvington, for $3,255,000.
“We were pleased to close this deal above the asking price for our clients,” said Jed Matricaria, senior associate. “This sale exemplifies the strength of the market for appropriately priced, value-add deals. Many overpriced assets are still sitting on the market, but substantial capital is seeking multifamily opportunities that make sense. In this deal, despite the current restrictive debt market, we listed the portfolio in negative-leverage territory, confident in the clear business plan to extract value. As a result, investors responded. Our team generated seven written offers within two weeks of marketing, the seller accepted a non-contingent offer, and both parties performed despite multiple hurdles during the escrow process.”
Matricaria and Daniel Aviles, investment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the properties on behalf of the seller, a private investment firm, and procured the buyer, also a private investment firm.
The 18,424 s/f portfolio is located at 70 Ellis Ave., 79 Hopkins Place, and 509 21st St., 2.7 miles from downtown Newark and near I-280 and the Garden State Parkway.
The properties comprise 26 units, including studios and one-, two-, and three-bedroom apartments.
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