NEW JERSEY—A 32-unit apartment complex at 65-69 Howe Avenue and 70-72 Grove Street in Passaic has been sold for approximately $2.6 million. CBRE represented the seller and procured the buyer in the. The NJ Private Capital Group’s (PCG) Charles Berger completed the transaction, selling the property to a longtime PCG client.
“The deal highlights the recent uptick in the market due to record low vacancy rates and the availability of low interest, multifamily loans,” said Berger.
Located on the border of Passaic Park and 15 minutes from New York City, the fully occupied apartment building has an on-site superintendent and is easily accessible from main highways including Routes 3, 21, 46 and the Garden State Parkway. Public transportation is located nearby within walking distance.
According to Berger, the new owner plans to renovate the property and hold it forpurposes.