411 15th St. in Union City — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased a 17-unit apartment building in Union City for more than $2.1 million, brokers with Marcus & Millichap announced Monday.
Known as Four Eleven Apartments, the five-story property at 411 15th St. has a mix of one- and two-bedroom homes that allow renters to be minutes from the Lincoln Tunnel, Interstate 495 and other major corridors. Brokers say that sparked strong interest from potential investors once the seller, Spat LLC, put the 13,400-square-foot building on the market.
Marcus & Millichap’s Devin Perez, Jed Matricaria, Daniel Aviles, Brent Hyldahl and Alan Cafiero represented the seller and procured the buyer in the $2.115 million deal.
“Value-add multifamily properties in north Hudson County remain highly sought after within the investment community,” said Perez, an associate with the firm. “We generated seven competitive offers within the first two weeks of marketing.”
Aviles, a first vice president for investments, added: “We needed to secure a buyer who could complete due diligence upfront, take the building as is, and adhere to a tight closing timeline. We marketed the property widely but focused on a specific list of investors we knew could deliver. The buyer with the best track record won the deal and delivered as promised.”
