Paterson, NJ — In one of Paterson’s highest per-unit-price multifamily sales to date, Colliers International NJ LLC has arranged the trade of Cooke Mills, 19 Market St. in Paterson. The Great Falls Historic District rental property drew more than three dozen tours and 18 qualified bidders – and closed within 75 days of being presented to the market.
A private regional investor purchased the 14-unit apartment property from a repeat Colliers client for $1.9 million – or $135,750 per unit. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale based in the global commercial real estate services firm’s Parsippany office, headed the assignment. The team marketed the property in conjunction with Ten-X, an online transaction platform for commercial real estate, also leveraging Colliers’ proprietary investor database. This hybrid approach resulted in the execution of 272 confidentiality agreements.
“Strong demand, low vacancies and favorable demographics are contributing to the ongoing popularity of New Jersey multifamily within the commercial investment community,” Chesler said. “The level of interest in Cooke Mills and the property’s ultimate per-unit sale price attest to the continuation of that trend.