January 12, 2021
Marcus & Millichap closed the sale of two multifamily portfolios totaling 24 properties and 702 units in the Essex County, NJ towns of East Orange and Irvington. The $92.5-million sales price makes the transaction one of the largest 2020 New Jersey multifamily sales.
Richard Gatto and Fahri Ozturk in Marcus & Millichap’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 York-based multifamily developer and operator.
“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,” said Gatto.
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.
Pictured: 49 Prospect Ave., East Orange.
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