Marcus & Millichap announced the successful sale of a four-property, bank-owned multifamily portfolio spanning Newark and Irvington, drawing nearly 50 competitive offers through a targeted marketing campaign.
Jonathan Zamora, senior director of investments in Marcus & Millichap’s New Jersey office, led the transaction alongside Jack Carle, exclusively representing the seller—a lending institution—in disposing of the assets. The strategic outreach leveraged the firm’s national platform to secure well-capitalized, all-cash buyers who closed non-contingent deals with hard contracts and waived bulk-sale requirements.
The heavy value-add portfolio comprises four distinct apartment properties across key transit and academic corridors in Essex County:
- 101 Camden St. (Newark): An 8,400-square-foot building featuring 12 one-bedroom, one-bathroom units built in 1900.
- 282 Nesbit Terrace (Newark): A fully occupied, 6,000-square-foot property constructed in 1929.
- 122 Elmwood Ave. (Irvington): A 6,720-square-foot apartment building featuring eight one-bedroom units built in 1962.
- 773-775 Sanford Ave. (Irvington): A 12,000-square-foot property built in 1950, comprising a 12-unit mix of ten one-bedroom and two two-bedroom apartments.
Situated across University Heights, the West Side, and the Springfield Avenue corridor, the portfolio benefits from close proximity to major educational institutions, including Rutgers University–Newark, NJIT, Essex County College, and Seton Hall University School of Law. Additionally, residents enjoy convenient access to NJ Transit bus routes connecting directly to Newark Penn Station, Manhattan, and surrounding communities.
New owners plan to implement comprehensive interior renovations and unit upgrades across the properties to capture strong rental demand in the evolving regional submarket.
