Transaction reflects growing investor interest in Paterson and Northern NJ markets

CBRE announced today that its Tri-State Investment Properties team has arranged the $1-million sale of a 19-unit multifamily building situated at 315 Park Avenue in Paterson, New Jersey.

The team of first vice president Charles Berger and first vice president Elli Klapper represented the property’s seller and procured the New York-based buyer in the transaction.

“We’re seeing a steady rise in interest from outside investors in the Paterson multifamily market, an urban center located in the heart of the sought-after Northern New Jersey region that has been heating up significantly,” said Berger. “Keen-eyed buyers and investors are finding enhanced value in the city and in the New Jersey urban markets in general.”

Berger noted that while the cap rate would be considered aggressive, the property sold at a price-per-unit of $54,000, a relatively attractive figure when contrasted to recent sales. The new owner plans to maximize value by making renovations to the property.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.