Sanjive Tuli Of Tuli Realty Acquires Multifamily Portfolio In Northern New Jersey For $94M

The asset involved in this transaction is a multifamily portfolio consisting of 519 units located across East Rutherford, Cliffside Park, Palisades Park, Lyndhurst, Garfield, Jersey City, and Kearny, New Jersey. The sale price for this portfolio was $94,000,000, leading to a price per unit of $181,118. The property was reported to be 97% occupied at the time of the sale.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $94,000,000
• Units: 519
• Price Per Unit: $181,118
• Buyer: Sanjive Tuli - Tuli Realty; Sher Management
• Seller: Tag Investment Properties
• Brokers: Alexandria Ebers, J.P. Hohl, Michael Guerra, Niko Nicolaou & Ryan Dowd - Cushman & Wakefield
• Mortgage Brokers: Brad Domenico & Frank Stanislaski - Cushman & Wakefield

The deal was brokered by Cushman & Wakefield, highlighting the involvement of multiple brokers in facilitating the sale of this portfolio. The transaction involved Sanjive Tuli representing Tuli Realty and Sher Management as buyers while Tag Investment Properties acted as the seller.