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Berkadia Arranges $5M NJ MF Property Sale
Berkadia has closed the sale of Marlaw Apartments, a 36-unit garden-style multifamily property in Elizabeth, NJ. Located at 34-44 Stiles Street, Marlaw Apartments features one studio, 17 one-bedroom, and 18 two-bedroom apartments.
Sold for $4.8 million at a 4.9 percent cap rate on March 21, Marlaw Apartments achieved a per-unit price of $133,333. The property was fully occupied at the time of sale. The transaction was led by Nat Gambuzza, Trevor Fiebel, Tim Blashford, and Nick Balancia of Berkadia New Jersey, representing both the seller and purchaser.
“Value-add properties continue to drive the highest demand from the investment community,” said Gambuzza. Blashford noted that the property, held by long-term ownership, had rents 51 percent below market, presenting an opportunity for the purchaser to renovate and increase rents. Fiebel emphasized the identification of major operational inefficiencies in the seller’s utility expenses, highlighting the property’s potential for improvement through strategic updates and conversions.
- ◦Sale/Acquisition
