Christopher Rizzolo, an investment specialist in the firm's Elmwood Park office, marketed the property on behalf of the seller, an in-state investor. Along with Maz Radwan, also an investment specialist, Rizzolo secured the buyer, a Northern New Jersey investor. "This is an upper tier asset in the immediate market featuring onsite laundry, gated parking, oversized layouts and a new heating system," he tells GlobeSt.com.
Joshua Lipsey of Marcus and Millichap Capital Corp. also played a role in the transaction, simultaneously arranging acquisition financing and placing new debt on other apartment assets owned by the purchaser. Built in 1935, many of the units are newly renovated, featuring hardwood floors and redone bathrooms.
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