Marcus & Millichap has announced the successful sale and financing of Helena Arms, a 17-unit multifamily property located at 255 Schuyler Ave. in Kearny. The asset traded for $4 million, representing a price of approximately $235,000 per unit.
The transaction highlights the ongoing demand for multifamily assets in Hudson County, particularly in submarkets that offer proximity to major urban employment hubs.
“Kearny continues to attract strong investor interest due to its strategic location, stable tenant base and landlord-friendly environment,” Devin Perez, associate director of investments in Marcus & Millichap’s New Jersey office, said. “Situated between Newark and Jersey City, Kearny offers residents convenient access to major employment centers and public transportation, while providing investors a market that is not subject to rent control, making it one of the more desirable multifamily investment destinations in Hudson County.”
Transaction details
The Marcus & Millichap team of Devin Perez, Alan Cafiero, and Dean Matuszewicz exclusively marketed the property on behalf of the seller, Kyle Mathis. The team also procured the buyer in an off-market transaction.
In addition to the sale, Marcus & Millichap Capital Corporation (MMCC) secured $2.8 million in financing for the buyer. Mark Litwack, a managing director based in MMCC’s New Jersey office, facilitated the loan with a national lender. The financing is structured as a non-recourse, 5-year term at 70% loan-to-value, featuring full-term interest-only payments at a 6.13% rate.
Property overview
Built in 1969, the three-story Helena Arms comprises 15,000 square feet of residential space. The unit mix includes:
- Two studio apartments
- Six one-bedroom apartments
- Nine two-bedroom apartments
The property also includes on-site parking and benefits from its location between the Passaic and Hackensack Rivers. Its proximity to downtown Newark and Newark Liberty International Airport, along with direct access to Interstate 280 and New Jersey Route 21, positions it as a strategic transit-oriented investment.
