Marcus & Millichap‘s Ozturk-Gatto Group announced Wednesday three recent multifamily sales in Essex County for a total of $26.4 million.
The deals include:
- The Essex County Portfolio: A 130-unit, four-building multifamily portfolio located in East Orange and Irvington, $13.85 million;
- 259 Reynolds Terrace: A 29-unit multifamily property located in Orange, $3.35 million;
- 120 Halsted Street: A five-story, 42-unit, 35,529-square-foot, Class A multifamily property in East Orange, $9.2 million.
Richard Gatto and Fahri Ozturk, senior partners at Ozturk-Gatto Group, along with Thomas Cleary, Essex County specialist; represented the sellers and procured the buyers for all three transactions.
“East Orange continues to see tremendous demand from both local and out of market investors due to its high single digit year over year rental growth. This rental growth, driven by a new tenant base that has been priced out of the NYC market, is showing no signs of slowing down largely because of its convenient commute – just a short 24-minute direct train ride to midtown Manhattan,” Gatto said.