‘Silk City’ apartment portfolio sells for $17M, Gebroe-Hammer says

A nine-building apartment portfolio in Passaic County has sold for $17 million, according to real estate firm Gebroe-Hammer Associates.

The firm said Tuesday in a news release that the 133 units’ worth of apartments in Paterson and Passaic were sold by Golden Equities LLC to an undisclosed private investor.

Gebroe-Hammer Senior Vice President Debbie Pomerantz exclusively represented the seller and procured the buyer in the transaction.

Eight of the nine properties are located within a two-mile radius, Gebroe-Hammer said, and the portfolio includes units ranging from studio apartments to four-bedroom layouts.

“The Silk City Portfolio — aptly named for the area’s once-high concentration of silk mills — presents new ownership with the key property management advantage of proximity,” Pomerantz said in a prepared statement. “This also is extremely favorable for realizing portfolio-wide property repositioning through value-add capital improvements.”

The portfolio is expected to undergo value-add enhancement, Pomerantz noted.

The properties are located at these eight addresses:

  • 99-101 Belmont Ave, Paterson;
  • 113 Godwin Ave., Paterson;
  • 51-57 Park Ave, Paterson;
  • 120-128 Park Ave., Paterson;
  • 130-132 N. 3rd, Paterson;
  • 102-104 Beech St., Passaic;
  • 104-106 Beech St., Passaic;
  • 3 Lucille Place, Passaic.