Spaxel Acquires Multifamily Portfolio In East Orange & Irvington, NJ For $92.5M

Spaxel has acquired a portfolio of multifamily properties in East Orange & Irvington, NJ. The transaction, which closed on December 30, 2020, involved a total of 24 properties located at the following addresses: 49 Prospect St, 60 N. Arlington, 17 Summit Ave, 112 Lincoln Ave, 444-450 Prospect Ave, 363-365 Park Ave, 161 N. Arlington Ave, 6 Glenwood Ave, 376 Park Ave, 30 Beech St, 365 William St, 46 N. Arlington Ave, 25-41 Smith St, 999 Stuyvesant Ave, 405-419 Stuyvesant Ave, 25 Linden Ave, 94 Myrtle Ave, 977-983 Stuyvesant Ave, 633 Nye Ave, 572 Stuyvesant Ave, 1309-1315 Clinton Ave, 1-3 Fuller Pl, 724 Lyons Ave, and 89 Wagner Pl. The portfolio consists of a total of 702 units with a sale price of $92,500,000. The price per unit is approximately $131,766, and the total square footage is 552,144 with a price per square foot of $167.

Summary of Transaction Details

• Property Type: Multifamily
• Transaction Amount: $92,500,000
• Number of Units: 702
• Price per Unit: $131,766
• Total Square Footage: 552,144
• Price per Square Foot: $167
• Market: East Orange & Irvington, NJ
• Buyer: Spaxel
• Seller: ERCT Capital Group, MAVeCap & Metropolitan America
• Brokers: Eric Anton - AGENCY, Christopher Warner - AGENCY, Richard Gatto - AGENCY, Fahri Ozturk - AGENCY

The deal was facilitated by the buyer's representatives, Eric Anton, Christopher Warner, Richard Gatto, and Fahri Ozturk. They successfully negotiated the sale between Spaxel and the sellers, ERCT Capital Group, MAVeCap, and Metropolitan America. This acquisition marks Spaxel's expansion in the East Orange & Irvington market, adding a significant number of units to their real estate portfolio.