ELMWOOD PARK, NJ-Marcus & Millichap Real Estate Investment Services has arranged the sale of four apartment properties in northern New Jersey, including North Avenue Apartments in Wood-Ridge and Michigan Apartments in Hasbrouck Heights for a total of $2.2-million, as well as the mixed-use Park Avenue Apartments in Rutherford for $1.35-million and Teaneck Apartments in Teaneck for $2.1-million.

The Wood-Ridge and Hasbrouck Heights properties were sold by Frank P. Nisi Realty to a local investor, say Thomas McConnell and Kevin McCrann, Senior Associates in Marcus & Millichap’s office here. “Both buildings are pre-war walk ups located in supply constrained locations,” McConnell says. “The buildings have been in the Nisi family for generations. We proved our experience and market knowledge by providing seller with over a dozen written offers within two weeks of marketing the properties. Ultimately, we sold the two buildings to one buyer. We quickly identified the strength of the buyer through price, terms and the ability to close quickly.”

The 15,000-square foot Park Avenue Apartments consists of 10 apartments and two storefronts. A private investor who had owned the property for 30 years sold the building to a local New Jersey investor. “Bergen County continues to generate significant investor interest and competition,” says Michael J. Fasano, VP and regional manager of the firm’s New Jersey office, explaining that owners who have held the properties through generations are evaluating their positions and capitalizing on current investor demand.