Lee & Associates New Jersey on Aug. 11 announced it sold a 22-apartment multifamily complex in Paterson to Ironbound Partners LLC for $2,865,000.
Lee & Associates NJ Assistant Vice President Jerry Joseph and Investment Sales Associates Tarang Ramani represented both the buyer and seller, a private investor, in this transaction.
“We were able to command top dollar for a value-add investor who purchased the property with only a few of the units occupied and paying rent,” said Ramani. “Since this property had significant renovations and effective management processes, there was substantial interest from investors looking for a stabilized asset in an appreciating submarket.”
Due to recent activity in the New Jersey real estate market, there was tremendous activity and a bidding war for the asset with substantial qualified offers and 25 tours. The team achieved an aggressive cap rate and price per unit metric due to the successful marketing process.
Located at 773 E. 19th St. and 149-151 Warren St., the property is steps away from the Paterson Commuter Rail and the Hawthorne Commuter Rail. Newark Liberty International Airport and LaGuardia Airport are both a 35-minute drive from the location allowing for easy travel to the city and nearby suburbs.