Marcus & Millichap Sells Ellis Apartment Portfolio In Irvington New Jersey For $3.26M

The Ellis Apartment Portfolio, consisting of three buildings located at 70 Ellis Avenue, 79 Hopkins Place, and 509 21st Street in Irvington, New Jersey, features a total of 26 units. The portfolio was sold for $3,255,000, equating to a price per unit of $125,192. The total square footage of the properties is 18,424, resulting in a price per square foot of $177.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,255,000
• Units: 26
• Square Footage: 18,424
• Price per Unit: $125,192
• Price per Square Foot: $177

Jed Matricaria and Daniel Aviles from Marcus & Millichap represented the transaction. The sale attracted seven offers within two weeks, indicating a robust interest in competitively priced multifamily properties in a challenging debt market.