CBRE Completes Sale of Multifamily Investment in Passaic, N.J.
SADDLE BROOK, N.J. (JULY 17, 2012) –CBRE, New Jersey’s largest commercial real estate brokerage firm, announced that the firm represented the seller and procured the buyer in the sale of a 32-unit apartment complex at 65-69 Howe Avenue and 70-72 Grove Street, Passaic, N.J. The sale price was approximately $2.6 million. The NJ Private Capital Group’s (PCG) Charles Berger completed the transaction, selling the property to a longtime PCG client.
“This was a complex transaction encompassing multiple parties, all with different needs and requirements,” said Mr. Berger. “The deal highlights the recent uptick in the market due to record low vacancy rates and the availability of low interest, multifamily loans. This asset is one hundred occupied with a steady income stream. There was also a lot of upside to this transaction as many of the tenants are under expired Passaic rent control guidelines, thereby affording for substantial rent increases as the existing tenant base turns over.” Additionally, Berger noted that the apartment complex is one of the few multifamily buildings consisting of 3-to-4-bedroom units in the area, thereby increasing tenant demand and further ensuring the already low vacancy rates.
Located on the border of sought-after Passaic Park, N.J., and 15 minutes from New York City,the fully occupied apartment building has an on-site superintendent, contains exceptionally large units, 30 of which have the aforementioned multiple bedrooms, with living room and eat-in kitchen. The property is easily accessible from main highways including Routes 3, 21, 46 and the Garden State Parkway, as well as near shopping, schools and entertainment. New Jersey Transit bus service is one block away and rail service is within walking distance from the site. According to Mr. Berger, the new owner plans to renovate the property and hold it for investment purposes.
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.