Veerman Asset Management Represents Seller In $55.5M Sale Of 160-Unit Multifamily In Belleville

The Essex is a multifamily asset located at 120 Washington Avenue in Belleville, NJ. This mixed-use community consists of 160 units and encompasses a total of 205,387 square feet, translating to a price per unit of $346,875 and a price per square foot of $270. The property was sold for $55,500,000.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $55,500,000
• Address: 120 Washington Avenue
• Market: Belleville
• Units: 160
• Square Footage: 205,387
• Price Per Unit: $346,875
• Price Per Square Foot: $270

Manny Sanghera from Veerman Asset Management represented the seller in this transaction. The asset was placed under contract during its initial lease-up phase and successfully closed prior to achieving full stabilization. Veerman Asset Management executed a comprehensive marketing strategy that attracted multiple competitive offers and negotiated favorable terms for the seller, resulting in a successful closure of the deal.