NAI DiLeo-Bram closes sale of 126-unit multifamily property in Netcong for $45.5M

NAI DiLeo-Bram & Co. recently announced that Eric Johnston, principal, represented the Landmark Cos. LLC in the acquisition of 34 Bank St., a 126-unit multifamily property in Netcong. The sale price was $44.5 million.

The deal was first announced in April.

“Demand for Class A properties in the multifamily sector continues to be very strong,” Johnston said. “We are pleased to have been able to help negotiate this transaction on behalf of the buyer, Landmark Cos. LLC. This marks the third multifamily property our firm has sold recently, totaling over 275 units.”

Located in walking distance to a New Jersey Transit train station as well as in close proximity to Interstate 80 and Routes 46 and 206, 34 Bank Street is a newly constructed, eight-building apartment community. It is comprised of one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, oversized windows and vinyl wood plank flooring.

Features of the property include waterfront views, garages, grilling stations, fire pits, a clubhouse and fitness center.