ELMWOOD PARK, NJ-Marcus & Millichap Real Estate Investment Services has brokered the sale of five multifamily assets in Union County for a total of $10.2 million, representing both the buyers and sellers in the transactions, GlobeSt.com has learned exclusively.

The sales, completed in just 60 days, comprise a total of 142 units: Stoneybrook Gardens, a 70-unit property located at 643-715 East Front St. in Plainfield, NJ for $5 million; the 18-unit 701-711 Kensington Ave. in Plainfield for $1.1 million; the 30-unit 156 W. Grand Ave. in Rahway, NJ for $2.55 million; and 16 units located at 36-42 Elm St. in Elizabeth, NJ for $1.1 million; and eight units at 415 East Elm St. in Linden, NJ for $520,000. The cap rates on the deals range from approximately 6.75% to 8.75%.

“The financing was readily available, [and the timing] just worked out that way,” Nat Gambuzza, vice president, Investments and senior director of Marcus & Millichap’s National Multi Housing Group, tells GlobeSt.com. “These are stable, core deals.”

All properties had little to no vacancy and received multiple offers, Gambuzza adds. Asking prices on multifamily buildings in Union County range from $79,000 to $5 million, according to Showcase.com. Marcus & Millichap has a number of other transactions in the works in the County, Gambuzza adds.

“Union County’s stability is extremely appealing to multifamily investors,” added Lauren Federgreen, a multifamily investment specialist at Marcus & Millichap, in a prepared statement. “The county’s excellent highway system, public transportation infrastructure and diversified employment pool help keep apartment occupancy levels up.”