New Owners Purchase 4 Apartment Buildings In Newark, Irvington

NEWARK, NJ — A portfolio of four apartment buildings in Newark and Irvington recently traded hands.

Real estate brokerage firm Marcus & Millichap released the following details about the sale:

“The team exclusively listed all four bank-owned properties on behalf of the seller, a lending institution, with Jack Carle of Marcus & Millichap providing additional support on both the disposition and acquisition sides of the transaction. Each buyer closed non-contingent and waived the bulk-sale requirement, with hard contracts signed across the board. Each asset represented a heavy value-add opportunity, with buyers planning renovations and unit upgrades to bring rents to market.”

The portfolio spans Newark and Irvington's University Heights, West Side and Springfield Avenue corridor neighborhoods.

The properties include:

• 101 Camden St. is an 8,400-square-foot building on 0.08 acres. All 12 units are one-bedroom/one-bathroom apartments, and it was built in 1900.
• 282 Nesbit Terrace is a 6,000-square-foot property on 0.14 acres. It is fully occupied and was built in 1929.
• 122 Elmwood Ave. is a 6,720-square-foot apartment building on 0.29 acres. It was built in 1962. All eight units are one-bedroom apartments.
• 773-775 Sanford Ave. is a 12,000-square-foot property on a 0.11-acre lot. It was built in 1950 and the 12-unit mix includes 10 one-bedroom and two two-bedroom apartments.

Jonathan Zamora, senior director investments in Marcus & Millichap's New Jersey office, said there were close to 50 offers across the portfolio, adding that the firm secured “well-capitalized, all-cash buyers” on each deal.

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