Marcus & Millichap on Tuesday announced the sale of the Ellis Apartment Portfolio, a three-building multifamily portfolio in Irvington, for $3.255 million.
The 18,424-square-foot portfolio is located at 70 Ellis Ave., 79 Hopkins Place and 509 21st St., 2.7 miles from downtown Newark and near Interstate 280 and the Garden State Parkway. The properties comprise 26 units, including studios and one-, two- and three-bedroom apartments.
“We were pleased to close this deal above the asking price for our clients,” Jed P. Matricaria, senior associate, said. “This sale exemplifies the strength of the market for appropriately priced, value-add deals. In this deal, despite the current restrictive debt market, we listed the portfolio in negative-leverage territory, confident in the clear business plan to extract value. As a result, investors responded. Our team generated seven written offers within two weeks of marketing, the seller accepted a noncontingent offer, and both parties performed despite multiple hurdles during the escrow process.”
Matricaria and Daniel Aviles, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the properties on behalf of the seller, a private investment firm, and procured the buyer, also a private investment firm.
