PASSAIC, NJ-The 32-unit, fully occupied apartment building at 158-162 Gregory Avenue here has been sold for $2.7 million in a 1031 Exchange, says CBRE’s Private Capital Group, which represented the seller and procured the buyer.
The new owner will renovate and hold the property as an investment.
“This caps the 18th and final sale of 2011 for our team, and it's quite encouraging for potential sellers of all types of investment properties," says Charles Berger of CBRE in the announcement. Berger worked with Elli Klapper from CBRE's Outer Boroughs Brokerage Services on the transaction. "Multifamily sellers in particular are currently able to receive favorable pricing and cap rates due to the low interest rate environment that buyers are taking advantage of--as well as the low vacancy rates. Notably, Passaic County boasts one of the lowest vacancy rates in the area."
A 14-unit building for sale in Passaic is asking $1.43 million, according to LoopNet.
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