S hopping C enters N ew J ersey /P en sylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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The Ozturk Gatto Group closes over 1,270 units totaling $205,000,000 in 2020 Ozturk, Gatto & Ferber of Marcus & Millichap ink sale of an 82 unit portfolio in Jersey City
ERSEY CITY, NJ — Marcus & Millichap an- nounced the sale of a two property, 82-unit portfolio located in Journal Square and McGinley Square in Jersey City, according to James Mc- Guckin , regional manager of the firm’s New Jersey office. The portfolio was sold by gen- erational owners for $12 mil- lion and both properties were within walking distance from the Journal Square transpor- tation hub with quick routes into NYC Fahri Ozturk, Richard D. Gatto and Da- J HI-LIGHTS AUG, 20 - SEPT. 16, 2021
Journal Square
McGinley Square
tion. The new supply speaks to the value of the location and should continue to drive the local economy, which will ultimately push rents. The Ozturk Gatto Group has been one of the most active multifamily brokers in North - ern NJ, closing over 1,270 units totaling $205,000,000 in 2020. MAREJ
Jersey City has earned a reputation as a city with ideal regional connectivity due to accessible public transporta- tion. The successful public transportation system has sparked new development opportunities in the city as several nearby apartment complexes have been com- pleted and are under construc-
very low existing rents. The buyer will have the ability to immediately work on the tre- mendous upside the portfolio offered.” said Ferber. “This sale demonstrates continued strong demand for multifam- ily properties across Hudson County from both local and out of market investors” added Ozturk.
vid Ferber , investment sale specialists in Marcus & Milli- chap’s New Jersey office, com - pleted the sales of 64 Baldwin Ave. and 111 Garrison Ave. both located in Journal Square. They also secured the buyer for the transaction, a private investor. “This portfolio traded at a record cap rate due to the large number of vacancies with
SPOTLIGHT CENTRAL NJ
Kislak’s Wolf &Holland arrange sale of The Villas At WillowRun inWillowStreet, PA for $17Million
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– and also home to where the first long rifle was made at Martin Meylin Gunshop, the town is in close proximity to Rtes. 741, 272, and 222. Matt Wolf joined Kislak in 2017 following over a decade of success in the commercial real estate industry focused on multifamily and other in- vestment sales transactions in central and eastern Pennsyl- vania. In 2020, he earned the firm’s Jay I. Kislak Producer of the Year award after selling over 1,100 residential units valued at nearly $100 million. Wolf is a Certified Commercial Investment Member and also holds a Pennsylvania broker’s license. Robert Holland joined Kis- lak in 1984, is one of the firm’s all-time leading sales produc- ers and became President in 2012. In addition to oversee - ing the company and manag- ing a team of salespeople, he specializes in the sale of mul- tifamily and other investment properties. MAREJ
LANCASTER COUNTY, PA — The Kislak Com- pany, Inc. announced the
PENNSYLVANIA
recent sale of The Villas at Willow Run, a 7 2 - u n i t mu l t i f am - ily property on Millwood Rd., in Wil - low St., cen - t r a l Lan - caster Coun- ty, for $17 million. K i s l a k m a r k e t e d the property on an exclu- s i ve bas i s w i t h v i c e p r e s i d e n t
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GRCA SELLS 12.94 ACRES OF LAND TO G&T INDUSTRIES
The Villas at Willow Run
Matt Wolf
with a waiting list. Minutes from Millersville and downtown Lancaster, the property is part of the Penn Manor School District and is convenient to local shopping, dining, and recreation. In the early twentieth century, the main thoroughfare of the town was lined with willow trees on both sides for the length of the town – hence, the town’s name Willow Street —yet only a few of the original trees remain today due to modernization. Home to the oldest homestead in Lancaster County, Hans Herr House – now a museum
– a rare opportunity to pur- chase a trophy asset in Lan- caster County. We generated a significant amount of offers for this property.” The Villas at Willow Run is the newest townhome com- munity in Willow Street, con- structed 2019 and consisting of 12 buildings, each with six units for a total of 72 attached residences. The buildings in - clude two- and three-bedroom townhouses with three floor plans and units ranging in size from 1,400 to 1,500 s/f. At the time of closing, the property was 100% occupied
Robert Holland
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Matt Wolf and president Robert Holland handling the assignment, and they also procured the purchaser. Both parties were not disclosed. Wolf commented: “This is a new record for price per unit for all of central Pennsylvania
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