Berkadia Brokers Close $1.4M Off-Market Multifamily Sale In Newark

A 12-unit multifamily property located at 531-533 North 11th Street in Newark, New Jersey has been recently sold for a price of $1,427,000. This off-market transaction was facilitated by Berkadia, representing both the seller and the buyer. The property, situated in the North Ward section of Newark, offers a total area of 12,000 square feet, translating to a price per square foot of $119. The buyer was attracted to the asset as it adds scale to their existing portfolio in the area, and they have plans to implement a value-add strategy by renovating the units and the building's common areas.

Summary of transaction details

• Property Type: MultiFamily
• Transaction Amount: $1,427,000
• Units: 12
• Price per Unit: $118,917
• Square Footage: 12,000
• Price per Square Foot: $119
• Address: 531-533 North 11th Street, Newark, New Jersey
• Market: Newark

Nat Gambuzza and Timothy Blashford, brokers from Berkadia, successfully closed this transaction. Their expertise and representation proved instrumental in facilitating the deal between the seller and the buyer. By bringing together the parties involved, they ensured a smooth process and achieved a satisfactory outcome for all parties.