By Joshua Burd
An investor has purchased a 16-unit apartment building in North Bergen for nearly $2.6 million, in a deal arranged by Cervelli Real Estate and Property Management.
In a news release, the brokerage team said the all-cash buyer completed the trade as part of a Section 1031 like-kind exchange. It did not disclose the address, but noted that the walk-up sits within North Bergen’s Racetrack Section and contains all one-bedroom floorplans.
The $2.575 million purchase price equates to more than $160,000 per unit.
“The sale comes amid aggressively rising interest rates and an uncertain market, which is a testament to buyers’ long-term confidence in the area,” Cervelli, which is based in North Bergen, said in its announcement. “There were several building-related issues that had to be addressed and the Cervelli team worked until the very end to ensure the closing took place on time to allow the seller to complete a 1031.”
