Washington Heights, located at 550 Washington Avenue in Belleville, sold for more than $212,000 per unit, Hudson Atlantic Realty announced Friday, Oct. 23.
Built in 1972, the property includes three three-story apartment buildings spread across two acres. The complex has 48 one-bedroom apartments and 18 two-bedroom apartments.
Adam Zweibel, president of Hudson Atlantic Realty, brokered the sale on behalf of seller Axial Partners, represented by Abe Weinberg.
Hudson Atlantic Realty said the transaction set a new record for the highest price per unit for rent-controlled garden apartments in Belleville. According to the firm, no such property in the township had previously sold for more than $200,000 per unit. Daily Voice could not independently verify the claim.
"Setting a new per-unit record for rent-controlled garden apartments in Belleville, with the 10-year Treasury hovering around a 20-plus-year high, shows how deep investor demand remains for well-located New Jersey multifamily," Zweibel said.
The buyer was not identified in the announcement.
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