Marcus & Millichap on Monday said it sold Four Eleven Apartments in Union City for $2.115 million.
Devin Perez, Jed Matricaria, Daniel Aviles, Brent Hyldahl and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, Spat LLC, and procured the buyer, a local private investor.
Located at 411 15th St., the property is a solid brick, five-story walk-up apartment building with 17 residential units, comprising 13 one-bedroom, one-bath units and four two-bedroom, one-bath units. The building, which totals approximately 13,400 square feet, is situated near major transportation routes, including the Lincoln Tunnel, Interstate 495 and multiple bus routes into New York City.
“Value-add multifamily properties in North Hudson County remain highly sought-after within the investment community,” Perez said. “We generated seven competitive offers within the first two weeks of marketing.”
“We needed to secure a buyer who could complete due diligence upfront, take the building as is and adhere to a tight closing timeline,” Aviles, first vice president investments, said. “We marketed the property widely, but focused on a specific list of investors we knew could deliver. The buyer with the best track record won the deal and delivered as promised.”
