Burgh Associates, LLC Sells 22-Unit Multifamily At 46 Burgh Avenue Clifton NJ For $3.75M

The property asset involved in the transaction is a multifamily building located at 46 Burgh Avenue in Clifton, NJ. The asset consists of 22 units and was purchased for $3,750,000, resulting in a price per unit of approximately $170,455. The property, built in 1928, offers value-add potential through below-market rents and future unit renovations.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,750,000
• Units: 22
• Price Per Unit: $170,455
• Market: Clifton, NJ
• Seller: Burgh Associates, LLC
• Buyer: Luka 46, LLC
• Broker: Robert Squires - Kislak
• Cap Rate: Approximately 5%

Robert Squires represented Burgh Associates, the seller, and successfully procured the buyer, Luka 46 LLC, after receiving nine qualified offers for the property. The transaction highlights the role of Kislak in facilitating the sale within a competitive bidding environment.