Marcus & Millichap group close $26.4M in Essex County apartment sales.

Byline: Linda Lindner

Marcus & Millichap's Ozturk-Gatto Group announced Wednesday it recently sold three separate properties in Essex County for a total of $26.4 million.

The transactions include anEssex County Portfolio consisting of a 130-unit, four-building multifamily portfolio located in East Orange and Irvington that sold for $13.85 million;259 Reynolds Terrace, a 29-unit multifamily property located in Orange that sold for $3.35 million; and120 Halsted St., a 42-unit Class-A multifamily property in East Orange.

The Ozturk-Gatto group led by Senior Partners Richard Gatto and Fahri Ozturk, along with Essex County Specialist Thomas Cleary represented the sellers on an exclusive basis and procured the buyers for all three transactions.

The Essex County Portfolio, which consisted of four buildings, was 98 percent occupied at closing. Each building has undergone recent renovations including modern finishes to the lobbies, unit upgrades with granite and stainless steel, new in-unit PTAC systems, and security systems throughout. The deal epitomized a unique opportunity to acquire a sizeable collection of assets with upside and a stable cash flow, according to Marcus & Millichap.

120 Halsted St. is a five-story, 35,529-square-foot multifamily building, located one block from Brick Church train station. The building was fully...