By Joshua Burd
Three apartment buildings in Union and Essex counties have changed hands for a combined $6.95 million, in a set of newly announced transactions by Rose Real Estate LLC.
According to the brokerage firm, the deals include the $2.8 million sale of 18 units at 256-64 Belleville Ave. in Belleville. In Plainfield, Rose inked the sale of 18 units at 701-11 Kensington Ave. and 12 units at 238-40 East 9th St. for $2.65 million and $1.5 million, respectively.
The per-unit sale price across the three low-rise properties averaged just under $145,000.
“Rose Real Estate was founded on the premise that private individuals and families, as well as those whose portfolio holdings include or focus on properties of less than 75 units, should have access to the same professional, institutional-caliber multifamily advisory and investment brokerage services contracted by larger entities,” said Lauren Rose Federgreen, founder and president. “For this reason, we have emerged as the go-to broker of choice in this space.”
In announcing the deals, Federgreen noted that she represented J.G. Petrucci Co. Inc. in its disposition of the Belleville property, which came more than four years after it acquired the building. Federgreen also represented the seller in the 2016 sale of the asset to Petrucci.
“Our client and industry relationships run deep,” said Federgreen, a graduate of Lafayette College who founded Rose Real Estate 2015. “As a result, a high percentage of Rose Real Estate’s transactions involve repeat business, as reflected in our fourth quarter transactions.
“The quality of our services, level of attentiveness and enthusiasm for a listing are never scaled based on a property’s unit count or potential sale price. Instead, we give each and every client our undivided attention, superior investment advisory services and unfettered access to a full scope of institutional-grade brokerage expertise.”
Federgreen, a former broker with Marcus & Millichap and Colliers International, serves not only other individuals and family-owned businesses, but also investment syndicates and well-established developers and landlords. Other past clients include Alfred Sanzari Enterprises.
“Early in my career, a common theme emerged that shaped Rose Real Estate’s business model: small to midsized multifamily properties are the dominant housing type in New Jersey and, as such, are an extremely important investment vehicle that require highly specialized market knowledge and expertise,” said Federgreen, whose firm is based in Union County.