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Marcus & Millichap Arranges Bergen County MF Sales

ELMWOOD PARK, NJ-The transactions cover multifamily buildings in several municipalities here, including Wood-Ridge, Hasbrouck Heights, Rutherford and Teaneck.

By Debra Hazel | Updated on April 22, 2011

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.”

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