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ELMWOOD PARK, NJ-An unidentified family partnership has exited the New Jersey apartment market with the separate sales of three complexes totaling 145 units. The properties garnered a total in excess of $9 million, and the common link was that all three deals were orchestrated by Nat Gambuzza, senior associate at Marcus & Millichap here, and director of the firm’s national multifamily housing group.

“All three properties are well-located assets that drew from different buyer pools and demonstrate the desirability of New Jersey apartments as an investment strategy,” Gambuzza says. “All of the properties were sold to private New Jersey investors.”

The first property is Saint Georges Apartments, a 39-unit garden complex on Saint Georges Ave. in Rahway that went for $3 million, or just shy of $77,000 per unit. “Rahway is very attractive to investors because there is no rent control, and it has an impressive downtown redevelopment area taking form as we speak,” Gambuzza says.

The second complex, a 26-unit, two-building garden complex on Route 22 in North Plainfield, sold for $2 million, similarly $77,000 per unit. And in South Jersey’s Camden County, $4 million, or about $50,000 per unit, took the Cuthbert Manor Apartments on Cuthbert Blvd. in Haddon Twp.

“The three properties each had unique characteristics,” Gambuzza says. “In a collaborative decision with the sellers, we decided that marketing the properties separately would yield more proceeds than a portfolio sale.”

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