Marcus & Millichap arranges Montclair multifamily sale for $1.75M

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Marcus & Millichap arranged the sale of a Montclair apartment building located across from Lackawanna Plaza and two blocks from the Bay Street train station.

On Nov. 15, James McGuckin, regional manager of the commercial real estate brokerage firm’s New Jersey office, said the 14-unit property sold for $1.75 million.

Julienne Pape, an investment specialist from Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a partnership, and also secured and represented the buyer, a private investor.

Situated at 11 Elm St., the property includes a 12-unit building and a two-family home on a .23-acre lot. According to Marcus & Millichap it is fully occupied.

“Multifamily properties in Montclair rarely come to market. The prime location of this property, just off Bloomfield Avenue and near several redevelopment projects made this property particularly attractive,” Pape said in a statement. “Buyers from New York and all over the country indicated interest, with many offers received.”