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Buying Up Union County

ELMWOOD PARK, NJ-The sale of five multifamily assets around the county for $10.2 million in 60 days comes from a combination of pent-up demand and affordable financing, says Marcus & Millichap.

By Debra Hazel | Updated on January 23, 2012

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%.

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