CBRE’S PRIVATE CAPITAL GROUP COMPLETES SALE OF 32-UNIT APARTMENT BUILDING IN PASSAIC
SADDLE BROOK, N.J. (FEBRUARY 1, 2012) –The Private Capital Group of CBRE, New Jersey’s leading commercial real estate brokerage firm, recently completed the sale of a 32-unit, fully occupied apartment building at 158-162 Gregory Avenue in Passaic, N.J. The CBRE team, headed by New Jersey Private Capital Group’s Charles Berger, working together with Elli Klapper from CBRE’s Outer Boroughs Brokerage Services, represented the seller and procured the buyer.
The three-story property, which has an on-site superintendent, changed hands for $2.695 million as part of a 1031 exchange. This first-time real estate seller and Private Capital Group client sought out CBRE for guidance and expertise on how to navigate the sale in today’s market. The PCG team was able to identify the most qualified buyer and seamlessly led the transaction to completion. The new owner intends to renovate and hold the property as an investment.
“This caps the 18th and final sale of 2011 for our team, and it’s quite encouraging for potential sellers of all types of investment properties,” said Berger. “Multi-family sellers in particular are currently able to receive favorable pricing and cap rates due to the low interest rate environment that buyers are taking advantage of--as well as the low vacancy rates. Notably, Passaic County boasts one of the lowest vacancy rates in the area.”
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 2010 revenue). The Company has approximately 31,000 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.