Grandview Apartments at 160 Terrace Ave. in Hasbrouck Heights — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a 20-unit apartment building in Bergen County for more than $3.6 million, under a newly announced transaction by Marcus & Millichap.
Brokers with the firm represented an unnamed LLC in the sale of Grandview Apartments, which is located at 160 Terrace Ave. in Hasbrouck Heights. The investment sales team also procured the buyer in the $3.655 million trade.
Kevin Taub, Daniel Aviles and Casey Egan, investment specialists with Marcus & Millichap, completed the assignment out of the firm’s New Jersey office. Eric Seidel of Marcus & Millichap Capital Corp. secured seven-year interest-only financing for the transaction.
“We saw enormous activity from day one of marketing,” said Aviles, a senior associate. “We ultimately received 15 written offers from a mix of individual investors to private equity funds.”