12B — September 13 - 26, 2019— Northern New Jersey — M id A tlantic
Real Estate Journal
www.marej.com
N orthern NJ
Richard Gatto, Fahri Ozturk and Thomas Cleary represented the sellers Marcus & Millichap's Ozturk-Gatto Group recent apartment sales total $26.4M for 201 units in Essex E
tremendous demand from both local and out of market investors due to its high single digit year over year rental growth. This rental growth, driven by a new ten- ant base that has been priced out of the NYC market, is showing no signs of slowing down largely because of its convenient commute - just a short 24-minute direct train ride to midtownManhattan." The Essex County Portfo- lio, which consisted of four buildings, were 98% occu- pied at closing. Each build- ing has undergone recent renovations including mod- ern finishes to the lobbies, unit upgrades with granite and stainless steel, new in-unit PTAC systems, and security systems through- out. The deal epitomized a unique opportunity to acquire a sizable collection of assets with upside and a stable cash flow. 120 Halsted St. is a 5-sto- ry, 35,529 s/f multifamily building, located one block fromBrick Church train sta- tion. The building was fully constructed in 2016 with newmodern finishes, includ- ing hardwood floors, granite counter tops, and stainless steel appliances. 259 Reynolds Terrace is lo- cated off South Central Ave in Orange, consisting of a unit mix of 20 one-bedrooms and 9 two-bedrooms includ- ing 29 surface parking spac- es. The building was 100% occupied at the time of sale. East Orange and Orange are increasingly desirable to commuters because of their accessibility to major high- ways and public transpor- tation. The efficient public transportation system has sparked new development opportunities in these cities as several nearby apartment complexes are under con- struction. The new supply speaks to the value of the location and should continue to push rents. Each property sold is located approximately 17 miles from Manhattan, where commuters can enjoy a 30-minute ride, or less, to New York Penn Station as well as, being located only 13-miles, or less, from New- ark International Airport. The sites are situated in a strong 5-mile demographic that will continue to be at- tractive to investors.
SSEX COUNTY, NJ — Marcus and Mil- lichap's Ozturk-Gat- to Group announced three recent transactions in Essex County for a total of $26.4 million. The transactions include: • The Essex County Port- folio - A 130-unit, four-build- ing multifamily portfolio located in East Orange and Irvington, New Jersey that sold for $13.85 million • 259 Reynolds Terrace - A 29-unit multifamily prop- erty located in Orange, New Jersey that sold for $3.35 million
Essex County Portfolio
• 120 Halsted Street - A 42-unit Class-A multifamily property in East Orange, New Jersey. The Ozturk-Gatto group l ed by seni or partners Richard Gatto and Fahri Ozturk , along with Essex
closed on 32 multifamily buildings in Essex County totaling $124,745,500 and 972 units. Richard Gatto, an Essex county multifamily spe- cialist, asserts that "East Orange continues to see
County Specialist, Thomas Cleary , represented the sellers on an exclusive basis and procured the buyers for all three transactions. In addition to the sales de- scribed above, The Ozturk- Gatto Group has recently
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