By Joshua Burd
A private investor has purchased a 41-unit apartment portfolio in Paterson for more than $5.1 million, in a newly announced deal by RIPCO Real Estate.
According to the brokerage team, the buyer plans to renovate and hold each of the three properties at 300 West Broadway, 167-171 East 31st St. and 7-13 Laurel St. Each has parking and is minutes from Interstate 80, while providing access to Paterson’s mix of shops and restaurants.
RIPCO’s Casey Egan brokered the sale of the 39,342-square-foot portfolio, which was valued at $5.125 million.
“We have been seeing a continued demand for multifamily assets in northern New Jersey,” said Egan, a director at RIPCO. “Buyers are interested in investing in properties with a strong future of cashflow and net worth. With this portfolio, the seller was able to exit a management-intensive asset and enter into a 1031 exchange while the buyer was able to purchase residential properties in one of New Jersey’s largest, most populated cities.”
