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PASSAIC, NJ-The 43-unit, five-story elevator apartment complex at 37-47 Westervelt Place here has been sold for just more than $4.1 million, or about $95,600 per unit. Two local investor groups were involved, with 37-47 Westervelt Place LLC picking up the property from OSBF LLC. Both sides were represented by sales associate Robert Squires of the Kislak Co., Woodbridge.

“This was a very complex transaction,” says Squires, in a statement. “The timing of the financing was extremely important due to current conditions in the capital markets. There was competition between multiple brokerage firms to exclusively represent the owner.”

The financing came from Shimon Weiner of Meridian Capital. On the legal side, attorney Janice Gatto represented the sellers. Further details were not released.

“Passaic is a desirable area for many investors due to high occupancy rates, good tenancy and favorable rent control regulations,” Squires says. “The limited supply of apartment buildings has driven prices to all-time highs, and there is currently a strong demand for these types of properties.”

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