BELLEVILLE, NJ — A record-breaking real estate sale has taken place in Belleville, a firm announced last week.
Washington Heights, a 66-unit garden apartment community at 550 Washington Avenue, recently sold for $14 million – or more than $212,000 per unit, according to Hudson Atlantic Realty, which brokered the transaction on behalf of the seller, Axial Partners.
Built in 1972, Washington Heights consists of a trio of three-story garden apartment buildings located on two acres. The mix includes 48 one-bedroom/one-bath apartments and 18 two-bedroom/one-bath apartments.
The sale sets a new per-unit record price for rent-controlled garden apartments in Belleville, the firm said.
"Setting a new per-unit record for rent-controlled garden apartments in Belleville – with the 10-year Treasury hovering around a 20-plus-year high – shows how deep investor demand remains for well-located New Jersey multi-family," said Adam Zweibel, president of Hudson Atlantic Realty.
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