Paterson apartment building sells for $1.9M

A multifamily rental property in Paterson has sold for $1.9 million, according to Colliers International — with the average of $135,750 per unit among the highest to date, the real estate services firm said.

Cooke Mills, at 19 Market St. in the Great Falls Historic District, includes 14 apartments in its three-story building that is part of a larger, 20-unit project. A repeat Colliers client sold the property to a private regional investor, the firm said.

Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of the Parsippany office led the assignment. The property was marketed in conjunction with online transaction platform Ten-X.

“Strong demand, low vacancies and favorable demographics are contributing to the ongoing popularity of New Jersey multifamily within the commercial investment community,” Chesler said in a prepared statement. “The level of interest in Cooke Mills and the property’s ultimate per-unit sale price attest to the continuation of that trend.”

Cooke Mills has been at or near 100 percent occupancy since the seller acquired it in 2012, Colliers said. The property was built in 2007.

“This transaction also speaks to growing interest and progress in the city of Paterson, which is making great strides toward revitalization,” Chesler said. “This includes significant adaptive reuse of obsolete industrial properties into thriving residential and retail product.”