26 — August 2024 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Three-building multifamily portfolio sells for $3,255,000 Marcus & Millichap’s Matricaria and Aviles handle sale of Ellis Apartment Portfolio in Irvington, NJ I RVINGTON, NJ — Mar- cus & Millichap an- nounced the sale of the El- priced, value-add deals. Many overpriced assets are still sit- ting on the market, but sub-
seven written offers within two weeks of marketing, the seller accepted a non-contingent of- fer, and both parties performed despite multiple hurdles during the escrow process.” Matricaria and Daniel Aviles , investment special- ists in Marcus & Millichap’s New Jersey office, had the listing to market the proper- ties on behalf of the seller, a private investment firm, and procured the buyer, also a private investment firm. The 18,424 s/f portfolio is located at 70 Ellis Ave., 79 Hop- kins Place, and 509 21st St., 2.7 miles from downtown Newark and near I-280 and the Garden State Parkway. The properties comprise 26 units, including studios and one-, two-, and three-bedroom apartments. MAREJ Korth Construction names Jodi Korth president Shown from left: Sam Gurowitz, Jodi Korth, Gene Korth GAITHERSBURG, MD , — The Korth Companies, Inc. has named Jodi Korth as president of the interiors contracting firm. Korth will join her father and chairman of the company, Gene Korth , in the company’s leadership as it enters its fourth decade as one of the leading interiors firms in the Washington, DC region. “I look forward to leading our team collaboratively and cohesively, with continued ex- cellence in delivering high-end commercial interior projects,” said Jodi Korth. “The legacy of the family company will be maintained by the continued engagement of our people in a culture where everyone’s voice counts, and everyone feels sup- ported in their personal and professional development. I am confident that by putting our people first and allowing for their expertise to flourish, there will be nothing that can stop us from being the very best.” Jodi Korth has been with The Korth Cos. for 15 years and has worked every facet of the company to ensure “The Korth Way” continues. MAREJ
lis Apartment Portfolio, a three-build- ing multifam- ily portfolio in Irvington, for $3,255,000. “We were pleased to close this deal above
stantial capi- tal is seeking multifamily opportunities that make sense. In this deal, despite the current restrictive debt market, we listed the
Jed Matricaria
Daniel Aviles
the asking price for our cli- ents,” said Jed Matricaria , senior associate. “This sale exemplifies the strength of the market for appropriately
portfolio in negative-leverage territory, confident in the clear business plan to extract value. As a result, investors re- sponded. Our team generated
Ellis Apartment Portfolio
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