Campfield Apartments at 659 Chancellor Ave. in Irvington — Courtesy: Marcus & Millichap
By Joshua Burd
The longtime owner of a 33-unit apartment building in Irvington has sold the property for more than $4 million, in a newly announced deal by Marcus & Millichap.
According to Jed P. Matricaria, an investment specialist in the firm’s New Jersey office, the transaction at 659 Chancellor Ave. marked the first trade of the property in 40 years. The private investor that purchased what’s known as Campfield Apartments was among 17 to make an offer, he said, resulting in a deal that was nearly 10 percent above the initial asking price.
Matricaria represented both parties in the $4.2 million sale.
“This is a quality asset that was extremely well-maintained,” Matricaria said. “After 40 years of ownership, the seller entrusted me to market the property and bring a qualified buyer who would continue operating the building with the same care as he did. It was an honor and pleasure to work on this project.”
In a news release, Marcus noted that investors were drawn to Campfield Apartments’ strong cash flow, low vacancy and value-add component. The buyer now plans to renovate the fully leased collection of one- and two-bedroom units and increase rents, amid continued strong demand for housing in urban areas such as Irvington.
The property is centrally located between the Garden State Parkway and Interstate 78, just west of Newark’s Weequahic neighborhood, the news release said. It’s also minutes from downtown Newark and Newark Liberty International Airport.
