Helena Arms at 255 Schuyler Ave. in Kearny — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased a 17-unit apartment building in Kearny for $4 million, brokers with Marcus & Millichap announced Monday.
In a news release, the listing team said it represented Kyle Mathis in the trade of what’s known as Helena Arms at 255 Schuyler Ave. The buyer, meantime, completed the deal with the help of $2.8 million in financing from a national lender, which provided a five-year term at 70 percent loan-to-value ratio with full-term interest-only payments at a 6.13 percent rate.
“Kearny continues to attract strong investor interest due to its strategic location, stable tenant base and landlord-friendly environment,” said Devin Perez, an associate director with Marcus & Millichap’s New Jersey-based investments team. “Situated between Newark and Jersey City, Kearny offers residents convenient access to major employment centers and public transportation, while providing investors a market that is not subject to rent control, making it one of the more desirable multifamily investment destinations in Hudson County. Ultimately our team was able to secure a private investor just over $235,000 per unit.”
Perez, Alan Cafiero and Dean Matuszewicz arranged the off-market sale. Mark Litwack, managing director based in Marcus & Millichap Capital Corp.’s New Jersey office, sourced the financing with a national lender on behalf of the buyer.
The brokers noted that Helena Arms consists of 15,000 square feet across three stories and 17 units with on-site parking. The property was built in 1969 and includes two studio, six one-bedroom and nine two-bedroom apartments, providing a location between the Passaic and Hackensack rivers and minutes from downtown Newark, Newark Liberty International Airport and the region’s vast highway network.
