411 15th St. in Union City – Courtesy: Marcus & Millichap

By Joshua Burd

A private investor has purchased a 17-unit apartment building in Union City for more than $2.1 million, brokers at Marcus & Millichap announced Monday.

The five-story building, called Four Eleven Apartments at 411 15th St., offers a mix of one- and two-bedroom apartments, allowing tenants to live just minutes from the Lincoln Tunnel, Interstate 495 and other major transportation arteries. Brokers say that’s drawn a lot of interest from potential investors after the seller, Spat LLC, put the 13,400-square-foot building on the market.

Devin Perez, Jed Matricaria, Daniel Aviles, Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller and brokered the buyer in the $2.115 million deal.

“Value-added multifamily properties in northern Hudson County continue to be in high demand in the investment community,” said Perez, a company official. “We received seven competitive offers in the first two weeks of marketing.”

Aviles, senior vice president of investments, added, “We needed to find a buyer who could do upfront due diligence, take ownership of the building as-is, and meet a tight closing timeline. We marketed the property broadly, but focused on a specific list of investors who we knew could deliver. The buyer with the best track record won the deal and delivered as promised.”