The Largest Multifamily Acquisition of 2020
Progress Capital, Essex County Multifamily Portfolio, Essex County (East Orange & Irvington, NJ)
Broker: Brad Domenico of Progress Capital
Brad Domenico proved he works well under pressure by pulling off a New Year’s Eve closing for Granit Gjonbalaj, Managing Partner of Spaxel to purchase 24 properties totaling 701 units in East Orange and Irvington, NJ. A number of challenges (24 separate buildings in two different cities, 60 day close from contract execution and must close by year-end) made this a momentous undertaking which required many teams to come together. Marcus & Millichap represented both Buyer and Seller in the sale, which took place at the stroke of midnight. According to Marcus & Millichap, the sale price of $92.5MM makes this one of the largest 2020 New Jersey Multifamily sales.