Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Four Eleven Apartments in Union City, New Jersey, for $2,115,000.
“Value-add multifamily properties in North Hudson County remain highly sought after within the investment community,” said Devin Perez, associate. “We generated seven competitive offers within the first two weeks of marketing.”
Perez, Jed Matricaria, Daniel Aviles, Brent Hyldahl and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, Spat LLC, and procured the buyer, a local private investor.
“We needed to secure a buyer who could complete due diligence upfront, take the building as is, and adhere to a tight closing timeline,” said Aviles, first vice president investments. “We marketed the property widely but focused on a specific list of investors we knew could deliver. The buyer with the best track record won the deal and delivered as promised,” he added.
The property is a solid brick, five-story walk-up apartment building with 17 residential units, comprising 13 one-bedroom, one-bath units and four two-bedroom, one-bath units. The building, which totals approximately 13,400 square feet, is situated near major transportation routes, including the Lincoln Tunnel, Interstate 495, and multiple bus routes into New York City.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
