Marcus & Millichap on Monday announced it sold a 22-unit apartment portfolio located in Paterson for $2,902,500.
“Multifamily investors are still targeting markets like Paterson to break into or expand their existing portfolios because of the various investment opportunities available. The traditional value-add investments are the most in-demand and least affected by the interest rate environment,” Daniel Aviles, first vice president investments said. “Investors see the upside and future of the market and target properties that require interior renovations to increase cash flow and provide better housing options for a more discerning tenant base.”
“The most active multifamily players in today’s market are not the same investors we saw in the past few years. With tightening on the financing side along with differing investor sentiments in the market, it has never been more important to know the intricacies of a purchaser’s capital stack, what their investment strategy is, and their level of commitment to close,” Jed Matricaria, senior associate said. “Our team is in tune with the market and generated 10 offers on this opportunity, resulting in a smooth close with the best price and terms from the most qualified buyer in the market.”
Aviles, Matricaria, and Michael Kossak, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and procured the buyer, a New Jersey-based LLC.
The apartments are located at 773 E. 19th St. and 149 Warren St. Nearby Garden State Parkway, Interstate 95, and Interstate 80 offer residents ease of access to surrounding metros including, New York City.
The property at 773 E. 19th St. is made up of 16 units, and the apartment building at 149 Warren St. has six units. The combined unit mix consists of 18 two-bedroom and four three-bedroom apartments.