NEW JERSEY—An out-of-town investor has purchased 44 12th Ave. in Paterson, N.J., a 20-unit multifamily property that is currently 100 percent leased. CBRE New Jersey Private Capital Group’s Charles Berger worked with Elli Klapper of CBRE’s N.Y. Investment Properties team to represent the seller in the transaction.
The three-story apartment building, which is comprised of renovated one-bedroom units, has an on-site superintendent.
“The multifamily market is very strong in northern New Jersey due to record low interest rates coupled with the area’s low vacancy rates,” said 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 offers access to N.J. Transit, Interstate 80 and Routes 4, 19, 20 and 46, as well as the Garden State Parkway.