509 21st St. in Irvington — Courtesy: Marcus & Millichap
By Joshua Burd
A private investment firm has sold a three-building, 26-unit apartment portfolio in Irvington for nearly $3.3 million, brokers with Marcus & Millichap announced Tuesday.
In a news release, the firm said it represented the seller and procured the undisclosed buyer in the trade, which includes properties at 70 Ellis Ave., 79 Hopkins Place and 509 21st St. The portfolio spans 18,424 square feet and comprises a mix of floorplans ranging from studios to three-bedroom homes, Marcus said, noting that it’s 2.7 miles from downtown Newark and near Interstate 280 and the Garden State Parkway.
The firm’s Jed Matricaria and Daniel Aviles, investment specialists in its New Jersey office, brokered the $3.255 million deal.
“We were pleased to close this deal above the asking price for our clients,” said Matricaria, a senior associate with Marcus & Millichap. “This sale exemplifies the strength of the market for appropriately priced, value-add deals. Many overpriced assets are still sitting on the market, but substantial capital is seeking multifamily opportunities that make sense.
“In this deal, despite the current restrictive debt market, we listed the portfolio in negative-leverage territory, confident in the clear business plan to extract value. As a result, investors responded. Our team generated seven written offers within two weeks of marketing, the seller accepted a noncontingent offer, and both parties performed despite multiple hurdles during the escrow process.”
