11 Elm St. in Montclair — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased 14 apartments in Montclair for nearly $1.8 million, in a newly announced transaction by Marcus & Millichap.
According to the brokerage team, the deal includes a 12-unit building and a two-family house at 11 Elm St., across from the township’s Lackawanna Plaza. Julienne Pape, an investment specialist in the firm’s Saddle Brook office, represented a partnership in the $1.75 million sale, while also procuring the buyer.
“Multifamily properties in Montclair rarely come to market,” Pape said. “The prime location of this property, just off Bloomfield Ave and near several redevelopment projects made this property particularly attractive. Buyers from New York and all over the country indicated interest, with many offers received.”
Marcus announced the deal Monday, noting that the property spans about a quarter of an acre that is also two blocks from Montclair’s Bay Street train station.
