PASSAIC, NJ—Passaic Park Properties has completed the sale of a 12-unit apartment complex located at 458 Lafayette Ave. in the City of Passaic. Gebroe-Hammer Associates’ Debbie Pomerantz, assistant vice presdient, represented the seller in the transaction and also identified the buyer.
The complex contains two-bedroom units with balconies and features a brick façade, on-site parking, new water heaters, new roof and newly painted units.
“This market has seen a significant volume of transactions over the past year, and that trend is continuing,” said Pomerantz. “It is a market that is very much a commuter hub, and a significant number of its residents are renters. Strong occupancy rates combined with favorable interest rates for financing, continues to drive investor interest county-wide, placing upward pressure on pricing.”