CBRE reports $19M in Essex County multifamily sales

CBRE sold nine multifamily properties in Essex County totaling more than $19.3 million.

The properties represent 233 units in Irvington, Belleville and Montclair.

“We’re proud to be closing 2017 as market leaders in the Essex County multifamily sector,” said Vice President Nat Gambuzza, who led the team. “Essex County is one of the region’s most densely populated counties, and local owners and investors know they can count on CBRE to help generate lucrative real estate transactions.”

Five of the sales totaled 170 units in Irvington, where the largest deal was a five-property, 88-unit portfolio transaction on Smith Street, which traded for $5 million.

The team closed three sales in Belleville, encompassing a total of 42 units. The transactions included a 24-unit property at 304-316 Franklin Ave. that sold for $3.65 million.

Gambuzza’s team also closed the $3.3 million sale at 124 Maple Ave. in Montclair, a 21-unit site.

The population of Essex County was estimated in 2016 at 796,914, making it the state’s third-most-populous county.