CBRE Completes Another Multifamily Sale in Paterson, NJ
Saddle Brook, N.J. (November 19, 2012) – CBRE, New Jersey’s largest commercial real estate brokerage firm, announced today that it completed the sale of a 20-unit multifamily property at 44 12th Avenue in Paterson.
CBRE New Jersey Private Capital Group’s Charles Berger collaborated with Elli Klapper of CBRE’s NY Investment Properties team to represent the seller.
The three-story apartment building, which is 100 percent leased with 20 fully-renovated one-bedroom units, has an on-site superintendent and a current tax appeal pending.
“This is the eighth building which the Private Capital Group has sold in Passaic County in the last year,” said Berger. “This out-of-town investor was enticed by not only our ability to ease the transition of ownership by securing an excellent local management company, but also by the fact the building required no capital improvements due to the previous extensive renovations.”
“The multifamily market is very strong in northern New Jersey due to record low interest rates coupled with the area’s low vacancy rates,” added Klapper. “This bodes well for both sellers and buyers as there is ample opportunity for both to reap the benefits of the re-emerging multifamily real estate market.”
Located in Passaic County, the building is in close proximity to the NJ Transit Train station and bus transportation, as well as Interstate 80, Routes 4, 19, 20, 46 and the Garden State Parkway, all of which provide easy access to New York City.
CBRE’s Private Capital Group is part of the Capital Markets team and provides services to private real estate investors’ highly specialized investment requirements. With over 85 teams specializing in and dedicated to more than 54 markets across the United States, the Private Capital Group represents private investors in marketing and trading assets uniquely suited to the private capital arena. The group offers acquisition and disposition services, asset review and financial analysis and investment strategy development and due diligence support.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.