165 Barclay St. in Paterson — Courtesy: Marcus & Millichap
By Joshua Burd
A private investment group has acquired a new 42-unit student housing building near St. Joseph’s Regional Medical Center in Paterson, in a $6.1 million deal arranged by Marcus & Millichap.
Located at 165 Barclay St., the building is known as Barclay Residential Hall and is 200 feet from the Paterson hospital. Daniel Aviles of Marcus & Millichap’s New Jersey office marketed and sold the six-story property on behalf of the seller, an established local developer.
“We were able to provide the seller with numerous competitive offers from qualified investors from all over the country,” Aviles said in a prepared statement. “Ultimately, the seller was able to capitalize on the strength of the current market and the buyer purchased a stabilized asset with minimal expenses in an up-and-coming market that is changing for the better.”
The newly constructed building includes 14 studio and 28-one bedroom apartments, all of which are fully furnished. Tenants of Barclay Residential Hall live within walking distance of a regional supermarket, C-Town, and national retail tenants such as Subway and Walgreens.
The property is in a recently designated hospital redevelopment zone and is surrounded by new development sites, Marcus & Millichap said. It also sits minutes from Interstate 80, the Garden State Parkway and routes 46, 20 and 3.
