Marcus & Millichap Inc.
Marcus & Millichap Inc.
13/08/2024 | Press release | Archived content
Marcus & Millichap Sells Ellis Apartment Portfolio in Irvington New Jersey for $3.255 Million
Press Releases
Marcus & Millichap Sells Ellis Apartment Portfolio in Irvington New Jersey for $3.255 Million
August 13, 2024
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IRVINGTON, N.J., August 13, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of the Ellis Apartment Portfolio, a three-building multifamily portfolio in Irvington, New Jersey, for $3,255,000.
"We were pleased to close this deal above the asking price for our clients," said Jed P. Matricaria, senior associate. "This sale exemplifies the strength of the market for appropriately priced, value-add deals. Many overpriced assets are still sitting on the market, but substantial capital is seeking multifamily opportunities that make sense. In this deal, despite the current restrictive debt market, we listed the portfolio in negative-leverage territory, confident in the clear business plan to extract value. As a result, investors responded. Our team generated seven written offers within two weeks of marketing, the seller accepted a non-contingent offer, and both parties performed despite multiple hurdles during the escrow process."
Matricaria and Daniel Aviles, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the properties on behalf of the seller, a private investment firm, and procured the buyer, also a private investment firm.
The 18,424-square-foot portfolio is located at 70 Ellis Ave., 79 Hopkins Place, and 509 21st St., 2.7 miles from downtown Newark and near Interstate 280 and the Garden State Parkway. The properties comprise 26 units, including studios and one-, two-, and three-bedroom apartments.
"We were pleased to close this deal above the asking price for our clients," said Jed P. Matricaria, senior associate. "This sale exemplifies the strength of the market for appropriately priced, value-add deals. Many overpriced assets are still sitting on the market, but substantial capital is seeking multifamily opportunities that make sense. In this deal, despite the current restrictive debt market, we listed the portfolio in negative-leverage territory, confident in the clear business plan to extract value. As a result, investors responded. Our team generated seven written offers within two weeks of marketing, the seller accepted a non-contingent offer, and both parties performed despite multiple hurdles during the escrow process."
Matricaria and Daniel Aviles, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the properties on behalf of the seller, a private investment firm, and procured the buyer, also a private investment firm.
The 18,424-square-foot portfolio is located at 70 Ellis Ave., 79 Hopkins Place, and 509 21st St., 2.7 miles from downtown Newark and near Interstate 280 and the Garden State Parkway. The properties comprise 26 units, including studios and one-, two-, and three-bedroom apartments.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.