39 Washington St. in Belleville — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold a two-building, 28-unit apartment portfolio in Belleville for nearly $3.5 million, in a transaction arranged by Marcus & Millichap.
Brokers with the firm represented the seller in its disposition of 27 Church Terrace and 39 Washington St., which are both three miles from the Bloomfield train station and minutes from Route 21. They also represented the buyer, a private entity, in the $3.425 million deal.
“This deal presented many challenges due to COVID-19,” said Richard Gatto of Marcus & Millichap’s Saddle Brook office, who completed the sale alongside Fahri Ozturk and the team of Alan Cafiero and Ben Sgambati. “Fortunately, our process and long-term relationships gave us the ability to get this deal across the finish line.”
In a news release, the firm cited the buildings’ proximity to Newark and area retailers. It also pointed to Belleville’s landlord-friendly rent control law, which allows for 4 percent annual increases and vacancy decontrol.