UNION CITY, NJ —Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Four Eleven Apartments in Union City, for $2,115,000.
“Value-add multifamily properties in North Hudson County remain highly sought after within the investment community,” said Devin Perez, associate. “We generated seven competitive offers within the first two weeks of marketing.”
Perez, Jed Matricaria, Daniel Aviles, Brent Hyldahl and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, Spat LLC, and procured the buyer, a local private investor.
“We needed to secure a buyer who could complete due diligence upfront, take the building as is, and adhere to a tight closing timeline,” said Aviles, first vice president investments. “We marketed the property widely but focused on a specific list of investors we knew could deliver. The buyer with the best track record won the deal and delivered as promised,” he added.
The property, located at 411 15th St., is a solid brick, five-story walk-up apartment building with 17 residential units, comprising 13 one-bedroom, one-bath units and four two-bedroom, one-bath units. The building, which totals 13,400 s/f, is situated near major transportation routes, including the Lincoln Tunnel, Interstate 495, and multiple bus routes into New York City.
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