10 Roosevelt Place and 47 North Fullerton Ave. in Montclair — Courtesy: Hudson Atlantic Realty
By Joshua Burd
A longtime owner has sold a two-building, 56-unit apartment portfolio in Montclair for $13.5 million, in a deal arranged by Hudson Atlantic Realty.
According to the brokerage team, the properties include 27 units at 10 Roosevelt Place and 29 units 47 North Fullerton Ave. The brick structures are about a half-mile apart, providing residents with a short walk to NJ Transit’s Walnut Street and Bay Street stations.
Hudson Atlantic represented the seller, which had owned the buildings for 25 years, noting that both date back to the early 1920s. The Fullerton Avenue property also has a commercial space.
“The seller trusted us to identify the most active and aggressive buyers so they would realize the highest selling price,” said Adam Zweibel, managing partner of Hudson Atlantic Realty. He added that the township’s pending rent control ordinance, which was passed in April 2020 but is now tied up in court, loomed over the transaction.
“Despite the uncertainty that the unresolved rent control issue created, we were able to overcome that obstacle and achieve very aggressive pricing on a deal that was difficult to underwrite for buyers,” Zweibel said.