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.
