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(Read more on the multifamily market.)

BELLEVILLE, NJ-Crestview Arms, a 17-unit apartment complex, has been sold for $2.4 million in what is said to be a record-setting deal. The sale was orchestrated by VP David Jarvis and sales associate Jay Lombardo of Gebroe-Hammer Associates, Livingston, NJ, who represented the seller and procured the buyer. The latter two were unidentified private investors described by the brokers only as, “long-time Gebroe-Hammer clients.”

“The seller owned the property for more than 25 years and was ready to retire and capitalize on the current demand for multifamily properties,” Lombardo says. “The property sold for more than $141,000 per unit, making it by far the highest price per-unit sale ever in Belleville.”

“It is considered a high-barrier-to-entry location, commanding a premium price because it is rare that a property in this town ever comes on the market,” says Kenneth Uranowitz, managing director of Gebroe-Hammer.

On the legal side, Tom Cohn of Wolf Block Brach Eichler, Roseland, NJ, represented the buyer. The seller was represented by Robert Gaccione of the locally based Gaccione, Pommaco & Malanga.

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