Marcus & Millichap’s Ozturk-Gatto Group announced Wednesday it recently sold three separate properties in Essex County for a total of $26.4 million.
The transactions include an Essex County Portfolio consisting of a 130-unit, four-building multifamily portfolio located in East Orange and Irvington that sold for $13.85 million; 259 Reynolds Terrace, a 29-unit multifamily property located in Orange that sold for $3.35 million; and 120 Halsted St., a 42-unit Class-A multifamily property in East Orange.
The Ozturk-Gatto group – led by Senior Partners Richard Gatto and Fahri Ozturk, along with Essex County Specialist Thomas Cleary – represented the sellers on an exclusive basis and procured the buyers for all three transactions.
The Essex County Portfolio, which consisted of four buildings, was 98 percent occupied at closing. Each building has undergone recent renovations including modern finishes to the lobbies, unit upgrades with granite and stainless steel, new in-unit PTAC systems, and security systems throughout. The deal epitomized a unique opportunity to acquire a sizeable collection of assets with upside and a stable cash flow, according to Marcus & Millichap.
120 Halsted St. is a five-story, 35,529-square-foot multifamily building, located one block from Brick Church train station. The building was fully constructed in 2016 with new modern finishes, including hardwood floors, granite countertops, and stainless steel appliances.
259 Reynolds Terrace is located off South Central Avenue in Orange, consisting of a unit mix of 20 one-bedrooms and nine two-bedrooms including 29 surface parking spaces. The building was 100 percent occupied at the time of sale.
Additionally, the Ozturk-Gatto Group recently closed on 32 multifamily buildings in Essex County totaling $124,745,500 and 972 units.
Richard Gatto, an Essex county multifamily specialist, asserts that, “East Orange continues to see tremendous demand from both local and out of market investors due to its high single-digit year-over-year rental growth. This rental growth, driven by a new tenant base that has been priced out of the NYC market, is showing no signs of slowing down largely because of its convenient commute – just a short 24-minute direct train ride to midtown Manhattan.”