NEWARK-The city’s multifamily market is continuously on the up-and-up here, with Marcus & Millichap Real Estate Investment Services completing the sale of three apartment buildings totaling $1.145 million in Newark and neighboring Irvington, NJ. The properties, amounting to 37 units total, will be refurbished and rehabilitated.

An unnamed Midwest financial institution sold two buildings in Newark comprising 18 units to a local investor, with Marcus & Millichap Investment Associate Christopher Rizzolo securing the buyer. “With this package, traded as a loan sale, the buyer will first receive the deed and begin a substantial value-add rehabilitation process to improve these properties,” Rizzolo says. GlobeSt.com previously reported that office activity is up in Newark’s CBD, which is positively affecting multifamily growth here.

Current listings for large multifamily buildings in Newark range from $120,000 for a 3-unit building to $2.7 million for a 60-unit low-rise, according to LoopNet. Irvington listings range from $150,000 for a three-unit to 1.8 million for a 28-unit garden project. Rizzolo represented both the buyer and seller for a 19-unit transaction in Irvington as well. The deal was seller-financed. Addresses of the buildings were not disclosed to GlobeSt.com in-time for deadline.