By Joshua Burd
More than 230 apartment have changed hands in Essex County as part of nine multifamily investment sales brokered this year by CBRE.
The firm recently announced the transactions in Irvington, Belleville and Montclair, which total more than $19.3 million in value. The CBRE team, which was led by Senior Vice President Nat Gambuzza and supported by Senior Associate John Veniero, represented the sellers in the deals.
Five of the nine sales were in Irvington, where a total of 170 units comprised nearly three-quarters of the team’s total deal volume in the county, CBRE said. The largest deal was a five-property, 88-unit portfolio transaction on Smith Street, which traded for $5 million.
Addresses included 23, 25, 34-36, 27-37 and 39 Smith St.
The other four Irvington deals were a $2.8 million, two-building sale at 404-408 and 410-414 Union Ave. with a total of 45 units; a $1.8 million, 24-unit deal at 977-983 Stuyvesant Ave.; a $520,000 transaction at the four-unit 1400-1404 Springfield Ave. and a nine-unit deal at 701 Lyons Ave. priced at $300,000.
“We’re proud to be closing 2017 as market leaders in the Essex County multifamily sector,” Gambuzza said in a prepared statement. “Essex County is one of the region’s most densely populated counties, and local owners and investors know they can count on CBRE to help generate lucrative real estate transactions.”
The team’s three sales in Belleville encompass a total of 42 units, including a 24-unit property at 304-316 Franklin Ave. that sold for $3.65 million. The other transactions include a 14-unit deal at 6-8 Lincoln Terrace that traded for $1.51 million and the $425,000 sale of 246-248 Mill St., a four-unit property.
In Montclair, Gambuzza’s team also closed the $3.3 million sale at 124 Maple Ave., a 21-unit property.