Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of two multifamily portfolios totaling 24 properties and 702 units in the Essex County, New Jersey towns of East Orange and Irvington. The $92.5 million sales price makes the transaction one of the largest 2020 New Jersey multifamily sales.
Richard Gatto and Fahri Ozturk in Marcus & Millichap’s New Jersey office represented the seller, a partnership between ERCT Capital Group, MAVeCap and Metropolitan America. Eric Anton and Chris Warner in the firm’s Manhattan office represented the purchaser, Spaxel LLC, a New York-based multifamily developer and operator led by managing partner Granit Gjonbalaj. "This was a special deal for us since we worked with the seller to assemble the entire 702-unit portfolio over the past two and a half years," said Gatto. "It was rewarding to help our client generate a significant return, even more so because we were able to execute in the middle of a pandemic."