Parke Belleville, 256 Belleville Avenue, Belleville, NJ Parke Belleville, 256 Belleville Avenue, Belleville, NJ
BELLEVILLE, NJ—J.G. Petrucci Company acquired the Park Belleville, an 18-unit multifamily property at 256 Belleville Avenue in Belleville, NJ for $2.375 million, just under $132,000 per unit. “We recognized Park Bellville as an exciting opportunity to invest in a market that compliments our existing community in Nutley, NJ,” says Greg Rogerson, principal at J.G. Petrucci Company.Park Bellville offers tenants a strong unit mix in an area where multifamily housing is in high demand.” The three-story garden apartment building features excellent proximity to all major roadways. This transaction marks the first multifamily acquisition for J.G. Petrucci Company’s residential portfolio. First Choice Bank arranged acquisition financing for the transaction and Lauren Federgreen of Rose Real Estate represented the seller in the off-market transaction, which Federgreen says is the highest price per-unit in that area in the past six years. “The seller and buyer were both LLCs, the seller was looking to sell a piece too far for him to manage and exchange the money, and the buyer was looking to grow its inventory in the Essex County area,” Federgreen tells GlobeSt.com exclusively .

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.