A 101-unit garden apartment complex has been sold for $13,100,000. Located at 24 Summer St, Passaic, NJ, this multi-family asset is situated just off River Street and is fully occupied. The apartments consist of 12 studio, 73 one-bedroom, and 16 two-bedroom units, with current rents approximately 30 percent below market value.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $13,100,000.00
• Seller's Representative: Nat Gambuzza & Spencer Beriont - Berkadia
• Buyer: Unknown

The property transaction was facilitated by brokers Nat Gambuzza and Spencer Beriont from Berkadia, who emphasized the unique opportunity this deal presents for new ownership in Passaic County. The buyer recognized the potential for value-add in the property, underwriting a record low cap rate of 5.1 percent. This transaction highlights the competitive investment activity in the area due to its proximity to New York City.