47 Union St. in Montclair — Courtesy: Berkadia
By Joshua Burd
An investor has sold a renovated 25-unit apartment building near downtown Montclair for nearly $7.6 million, according to a listing team with Berkadia.
Brokers say the property, 47 Union St., was 96 percent occupied at the time of the deal. The transaction follows a series of updates to 15 of the units, capitalizing on the building’s location just two blocks from Bloomfield Avenue and within walking distance of downtown, NJ Transit stations and cultural amenities.
Berkadia Senior Managing Director Nat Gambuzza and Director Tim Blashford of the firm’s Morristown office represented the private seller in the deal with the undisclosed buyer. The prewar property traded for a capitalization rate of 5.92 percent.
“This marks the second time our team sold this asset,” Gambuzza said. “The seller purchased the property in 2018, and through a targeted capital improvement plan — including the renovation of 15 units to add washers/dryers, crown molding, stainless steel appliances, stone countertops and modern cabinetry and finishes — he achieved a sale result exceeding $300,000 per unit. The sale of 47 Union Street is a testament to Montclair’s enduring appeal and the value of expertly managed multifamily assets.”
Blashford added: “Montclair continues to demonstrate exceptional demand for well-maintained housing, and 47 Union Street is a prime example of what attracts both residents and investors to this community. The strong interest this property received highlights Montclair’s appeal and the value in thoughtfully updated apartment homes.”
