The 33-unit Campfield Apartments complex in Irvington sold for $4.2 million, James McGuckin, regional manager for Marcus & Millichap’s New Jersey office, announced this week.
Located at 659 Chancellor Ave., the property sits between the Garden State Parkway and Interstate 78. It offers separately metered one- and two-bedroom units and a finished basement with laundry and community rooms.
According to M&M, the building was 100% occupied at the time of closing.
Investment specialist Jed Matricaria exclusively listed the property on behalf of the seller, a private investor, who had owned and operated the Campfield Apartments for 40 years.
Matricaria also secured and represented the private-investor buyer in the transaction. According to him, the marketing process generated 17 offers for the property, which added up monetarily, as well. That process contributed “to my client achieving nearly 10% above the initial asking price,” he said in a statement.
“The purchaser was attracted to Campfield Apartment’s strong cash flow, low vacancy and value-add component, and plans to renovate units and increase rents as there continues to be strong demand for quality housing in urban areas such as Irvington,” Matricaria added.