Real Estate

CBRE Arranges Sale of Three Paterson Multifamily Properties

CBRE Group, Inc., a commercial real estate brokerage firm, announced today it has arranged the sale of three multifamily properties totaling 48 units. The three residential buildings are located on the corner of 12th Avenue and Auburn Street in Paterson. The properties’ combined 49 units were stabilized, and renovated and are near full occupancy.

The CBRE Capital Markets Investment Properties team of Charles Berger, Elli Klapper and Mark Silverman represented two separate owners in the sale to an individual buyer. The team had previously arranged the sale of the properties from the original owners to the current sellers.

The properties offer residents NJ Transit bus and rail service within walking distance, and close access to Interstate 80, Routes 4, 19, 20 and 46, as well as the Garden State Parkway.

“The CBRE Tri-State Investment Properties team was able to procure offers from both local and out-of-state investors for this assemblage of properties,” Charles Berger said. “Although this was a more complex transaction with two separate sellers, we were able to navigate the transaction to a successful completion, meeting all parties’ expectations and finding the best buyer for these assets. Our team is very active in the Northern New Jersey market, and in the urban areas in particular. Our extensive reach of investors means we can generate more interest in properties and achieve maximum value for our clients.”

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