NEW JERSEY—Hackensack Associates L.P. has acquired a 45-unit apartment complex in Hackensack from Franklin Apartments L.L.C. for $4.9 million. Franklin Garden Apartments was constructed in 1968.
Marcus & Millichap Real Estate Investment Services Thomas McConnell, associate director, and Kevin McCrann, associate director, represented the seller and secured the buyer in the transaction. Hackensack Associates acquired the property at a 6 percent cap rate.
Comprised of one-bedroom units, Franklin Garden Apartments is currently 100 percent occupied.