Berkadia Brokers $6.2M Sale Of Multifamily Portfolio In Linden & Roselle

Reina Apartments and Linden Manor, located in Roselle and Linden, New Jersey, have recently closed in a multifamily property transaction. Reina Apartments is a 3-story walk-up building consisting of 17 apartments on St George Avenue in Roselle, while Linden Manor is a studio apartment building situated on the corner of Roselle Street in Linden. Both assets are garden-style buildings from the 1960s, equipped with central boilers and hot water heaters. The sale was facilitated by Nat Gambuzza, Trevor Fiebel, and Spencer Beriont of Berkadia, who represented the seller and secured a 1031 buyer at 98% of the sales price. The deal closed within 45 days of contract execution.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $6,200,000
• Units: 35
• Price per Unit: $177,143
• Square Footage: 30,000
• Price per Square Foot: $207
• Market: Linden & Roselle

The team at Berkadia, including Nat Gambuzza, Trevor Fiebel, Spencer Beriont, Brian Antognini, Timothy Blashford, and Michael O'Reilly, successfully represented the seller and facilitated the transaction. They achieved a sales price of $6,200,000, with a price per unit of $177,143. Notably, the buyer in this deal utilized a 1031 exchange, acquiring the property at 98% of the advertised sales price. The entire process, from contract execution to closing, was completed within a swift 45-day timeframe.