Marcus & Millichap has brokered the $7.8 million sale of a 45-unit apartment portfolio in Ridgefield Park — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a 45-unit apartment portfolio in Ridgefield Park for nearly $8 million, in a newly announced transaction by Marcus & Millichap.
Brokers with the firm represented the seller, an unnamed LLC, in its disposition of the three-building portfolio. The team did not disclose the addresses, only noting that the asset includes 36 one-bedroom and nine studio apartments with garages, covered parking and on-site laundry facilities.
“We went to market just before the shelter-in-place executive order,” said Daniel Aviles, an investment specialist with Marcus. “This was not a pre-COVID deal that came back to life. We successfully ran our process, created a market, negotiated a contract with a hard deposit and carried the deal across the finish line.”
Aviles brokered the $7.8 million sale alongside Casey Egan.
“In the middle of a pandemic, we were still able to achieve pricing above $173,000 a unit, which is 13 percent higher than the typical Class C comparable in Bergen County,” Egan said.