12B — November 13 - December 10, 2020 — Central New Jersey — M id A tlantic Real Estate Journal


C entral NJ

RANGE, NJ — Mar- cus & Millichap an- nounced the sale of 400 Highland Terrace in Orange sells for $14 million Gatto & Ozturk of Marcus & Millichap arranges the sale of a 81-unit apartment building O cialists in Marcus & Millic- hap’s New Jersey office, had the exclusive listing to market

Harvard Printing Apartments opening their doors close to the Highland Avenue Train Sta- tion, which offers a 28-minute commute to New York City. “400 Highland Terrace sold at a record price per unit for similar product type even with the many challenges presented during the pandemic, fortu- nately, our process and long term relationships gave us the ability to get this deal across the finish line,” said Richard Gatto. 400 Highland Terrace has been renovated with 20 luxury apartments, a new roof, and two elevators. The property has a unit mix of 10 studios, 61 one- bedrooms, 10 two-bedrooms and 34 parking spaces. The property is located around the block from the Highland Avenue Train Sta- tion which offers a 28-minute commute into Manhattan. Additionally, the property has easy access to the Garden State Parkway, I-78, Route 1&9, plac- ing it 15 miles fromManhattan, 13 miles from Newark Airport, and 19 miles from Brooklyn. This marks the Ozturk Gatto Group's 131st transaction, to- taling 2,640 residential units and $570 million in volume across New Jersey. In a second transcation, Mar- cus &Millichap announced the sale of 63 Irving Str., a mixed use building in the Heights neighborhood of Jersey City NJ, that sold for $1.56 million. Ozturk, Gatto and David Ferber , investment sales spe- cialists inMarcus &Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. They also se- cured the buyer, also a private investor. “We continue to see increased demand from both local and out of market investors looking for opportunities throughout Jer- sey City due to its proximity to New York City, continued rental growth, and new de- velopments. Our process and long-term relationships gave us the ability to get the deals across the finish line during the pandemic,” said Ozturk. 63-65 Irving St., is located right off of JFK Blvd, is a three-story mixed-use brick building that is situated ap- proximately two miles from the Journal Square Transpor- tation Center, which offers a 15-minute ride to the World Trade Center. MAREJ

the property on behalf of the seller, a private inves- tor. They also represented the buyer, a private inves- tor. Recently, t he Va l l e y

400 Highland Terrace, an 81-unit mult, that sold for a record price of $172,840 per unit, for a to- tal sale price of $14 million, according to

Fahri Ozturk

Richard Gatto

neighborhood in Orange and West Orange has experienced a massive influx in development with projects, such as Hat City Lofts, Edison Lofts and the

James McGuckin , regional manager of the firm’s New Jersey office. Richard Gatto and Fahri Ozturk , investment sales spe-

400 Highland Terrace

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