Marcus & Millichap announced the December 31 sale of two multifamily portfolios totaling 24 properties and 702 units in East Orange, New Jersey and Irvington, New Jersey for $92.5 million, one of the largest multifamily transactions in 2020.
Richard Gatto and Fahri Ozturk in the firm’s New Jersey office represented the seller, a partnership between ERCT Capital Group, MAVeCap and Metropolitan America. Eric Anton and Chris Warner in the firm’s Manhattan office represented the purchaser, Spaxel LLC, a New Yor-based multifamily developer and operator led by managing partner Granit Gjonbalaj.
“This was a special deal for us since we worked with the seller to assemble the entire 702-unit portfolio over the past two-and-a-half years,” Gatto said.
The properties are the North Jersey Commuter Portfolio, a 390-unit collection in East Orange and the North Jersey Garden Portfolio, a 312-apartment portfolio in Irvington.
“This portfolio offered an opportunity to invest in an urban area with strong metrics coupled with low vacancy and substantial upside,” added Ozturk. “We received significant interest with 12 qualified offers within a short period of time and sent out multiple contracts, showing strong interest from the market.”