Ironbound Partners buys two Paterson multifamily buildings

Ironbound Partners LLC has purchased a pair of multifamily properties in Paterson for $2.865 million, according to real estate firm Lee & Associates New Jersey.

The apartments total 22 units and 16,500 square feet at 773 E. 19th St. and 149-151 Warren St., Lee & Associates said in a news release. They were sold by an undisclosed private investor.

Jerry Joseph, assistant vice president, and Tarang Ramani, investment sales associate, represented both parties in the transaction.

“We were able to command top dollar for a value-add investor who purchased the property with only a few of the units occupied and paying rent,” Ramani said in a prepared statement. “Since this property had significant renovations and effective management processes, there was substantial interest from investors looking for a stabilized asset in an appreciating submarket.”