773 East 19th St. and 149-151 Warren St. in Paterson — Courtesy: Lee & Associates New Jersey
By Joshua Burd
A private investor has sold a two-building, 22-unit apartment portfolio in Paterson for nearly $2.9 million, brokers with Lee & Associates New Jersey announced Wednesday.
In a news release, the firm said the properties at 773 East 19th St. and 149-151 Warren St. traded amid growing investor interest in smaller cities and suburbs. The buyer, Ironbound Partners LLC, paid $2.865 million for the buildings.
“We were able to command top dollar for a value-add investor who purchased the property with only a few of the units occupied and paying rent,” Lee & Associates New Jersey’s Tarang Ramani said. “Since this property had significant renovations and effective management processes, there was substantial interest from investors looking for a stabilized asset in an appreciating submarket.”
The brokerage team included Assistant Vice President Jerry Joseph and Ramani, an investment sales associate with the firm. They represented both parties, noting that the assets drew a host of substantial qualified offers and 25 tours.
Located about a half-mile from the Paterson train station, 773 East 19th St. is also about a five-minute drive from Interstate 80, providing easy access to the surrounding region. The Warren Street property is about a mile to the north.
