BLOOMFIELD, NJ — Marcus & Millichap announced the sale of a 49-unit apartment property located in Bloomfield, according to Brian Hosey, regional manager of the firm’s New Jersey office. The asset sold for $4.475 million.
Nat Gambuzza and John Veniero, investment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured by Gambuzza and Veniero.
The property was marketed with 24 vacant units that were destroyed by a fire. “Selling a partially vacant and damaged building was a significant challenge,” said Veniero. “The value-add nature of this investment generated tremendous interest. We received more than 15 offers within 30 days.”
“Ultimately the strategy that netted the seller the most proceeds was to allow the purchaser to renovate and lease the apartments prior to taking ownership of the property, which needed to be carefully negotiated,” said Gambuzza.
This four story multi-family investment property is located at 210-214 Franklin St. in Bloomfield, NJ with easy access to the center of town along with the Garden State Parkway.
Gambuzza and Veniero together closed on the sale of six other transactions in Essex County this year.