The 48-unit community was built in 1965 in Arlington.
Arco Place Apartments in Arlington sold for $3.6 million, NAI Hallmark announced May 12.
The 49-unit community, built in 1965, is at 1035 Arco Drive less than a mile from University Boulevard and Arlington Expressway.
Blue NJ LLC, operated by Miami-based Blue Ocean Assets, bought the property from Miami-based Fort Arco Place LLC, managed by Juan Carlos Delaney.
The deal represents a price of about $73,500 per unit.
It last sold for $1,380,600 in 2018.
NAI Hallmark Senior Vice President John Rutherford and Senior Associate Luke McCann represented the buyer and seller in the transaction.
“NAI Hallmark is extremely pleased to have represented the Seller & Buyer in the off-market transaction of Arco Apartments,” McCann said in a news release.
“The property represents a tremendous value-add opportunity in a transformative neighborhood of the Arlington submarket with nearly all nearby multifamily and commercial property seeing significant capital investment over the last three years.”
Arco Place offers one- and two-bedroom floor plans with rents from $560 to $710 per month.
Units include hardwood, tile or vinyl flooring, patios, dishwashers and walk-in closets.
The community offers a laundry facility, picnic area, playground and courtyard.
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