Search
 

145 Apartments Sell for $9M-Plus

ELMWOOD PARK, NJ-With three separate deals, a family-run partnership has exited the New Jersey residential market.

By Eric Peterson | Updated on December 01, 2008

ELMWOOD PARK, NJ-An unidentified family partnership has exited the New Jersey apartment market with the separate sales of three complexes totaling 145 units. The properties garnered a total in excess of $9 million, and the common link was that all three deals were orchestrated by Nat Gambuzza, senior associate at Marcus & Millichap here, and director of the firm’s national multifamily housing group.

“All three properties are well-located assets that drew from different buyer pools and demonstrate the desirability of New Jersey apartments as an investment strategy,” Gambuzza says. “All of the properties were sold to private New Jersey investors.”

The first property is Saint Georges Apartments, a 39-unit garden complex on Saint Georges Ave. in Rahway that went for $3 million, or just shy of $77,000 per unit. “Rahway is very attractive to investors because there is no rent control, and it has an impressive downtown redevelopment area taking form as we speak,” Gambuzza says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.