IRVINGTON, BELLEVILLE, AND MONTCLAIR, NJ—CBRE says an investment sales team led by senior vice president Nat Gambuzza closed nine multifamily transactions in Essex County, NJ, during 2017, valued at more than $19.3 million
The properties include 233 units and are located in the communities of Irvington, Belleville and Montclair. The CBRE team, which worked on behalf of each seller, was supported by senior associate John Veniero.
“We’re proud to be closing 2017 as market leaders in the Essex County multifamily sector,” says Gambuzza. “Essex County is one of the region’s most densely populated counties, and local owners and investors know they can count on CBRE to help generate lucrative real estate transactions.”
Five of the county’s nine sales were in Irvington, where a total of 170 units comprised nearly three-quarters of total deal volume. The largest deal was a five-property, 88-unit portfolio transaction that traded for $5 million, encompassing 23, 25, 34-36, 27-37 and 39 Smith Street.
The other four Irvington deals were a $2.8 million two-building sale at 404-408 and 410-414 Union Avenue with 45 units; a $1.8 million, 24-unit deal at 977-983 Stuyvesant Avenue; a $520,000 transaction at the four-unit 1400-1404 Springfield Avenue; and a nine-unit deal at 701 Lyons Avenue priced at $300,000.
The team closed three sales in Belleville with 42 units. The transactions included a 24-unit property at 304-316 Franklin Avenue that sold for $3.65 million, a 14-unit deal at 6-8 Lincoln Terrace trading for $1.51 million, and the $425,000 sale of 246-248 Mill Street, a four-unit property.
Gambuzza’s team also closed a $3.3 million sale at 124 Maple Avenue in Montclair, a 21-unit site.