Marcus & Millichap Arranges The Sale Of A 66-Unit Apartment Portfolio in West New York, NJ
West New York, NJ, September 14, 2021 – Marcus & Millichap (NYSE: MMI), announced today the sale of West New York Portfolio, a 66-unit apartment property located in West New York, NJ, according to James McGuckin, regional manager of the firm’s New Jersey office. The portfolio sold for $10,581,001.
Fahri Ozturk, Richard D. Gatto, David Ferber investment sales specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. They also secured the buyer, a private investor.
“This portfolio represented a rare opportunity to acquire a large value add portfolio in West New York, New Jersey. The previous owners did an amazing job on improving the apartment units in each building. The new owners will continue to renovate the buildings further.” said Fahri Ozturk. “Due to its close proximity to NYC, West New York has been the focal point of investors locally and regionally” added Richard Gatto.
All three buildings are located within a five minute walk to a bus with direct access to New York City within 30 minutes. They are also all within a few blocks from Bergenline Avenue, which is the longest commercial avenue in New Jersey, with over 300 retail stores and restaurants. The properties are in walking distance from shopping, entertainment, dining and transportation, as well as the bus, rail and ferry to Manhattan, Jersey City and Hoboken. Additionally, the properties have easy access to I-495, I-95, Route 1&9, I-78 and more.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.