SADDLE BROOK—The Private Capital Group of CBRE recently completed the sale of a 32-unit, fully occupied apartment building at 158-162 Gregory Avenue in Passaic. The CBRE team, headed by New Jersey Private Capital Group’s Charles Berger, working together with Elli Klapper from CBRE’s Outer Boroughs Brokerage Services, represented the seller and procured the buyer.
The three-story property, which has an on-site superintendent, changed hands for $2.695 million as part of a 1031 exchange. This first-time real estate seller and Private Capital Group client sought out CBRE for guidance on how to navigate the sale in today’s market. The new owner intends to renovate and hold the property as an investment.
CBRE’s Private Capital Group is part of the Capital Markets team and provides services to private real estate investors’ specialized investment requirements.