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Sparta Residence LLC Acquires Multifamily Property On Prosper Pl In Sparta For $14.65M

Property Image
SOLD
$14,650,000

New Jersey

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MultiFamily264,758 SF
Sold 04/27/2021
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Property Image
SOLD

Sparta Residence LLC Acquires Multifamily Property On Prosper Pl In Sparta For $14.65M

1 Prosper Pl, Sparta, NJ, USA

See Similar Deals
MultiFamily264,758 SF
Sold 04/27/2021
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$55
Total Square Footage:264,758 SF
Transaction Type:Sale

Located at 1 Prosper Pl in Sparta, this multifamily property was recently sold in a transaction facilitated by Stephen Tragash of Gebroe-Hammer Associates. The property, consisting of 60 units, was sold by NV MF Holdings LLC to Sparta Residence LLC for a total price of $14,650,000. This equates to a per unit price of $244,167. The property sits on 90 acres, with a price per acre of $162,778.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $14,650,000
  • Address: 1 Prosper Pl, Sparta
  • Market: Sparta
  • Units: 60
  • Price per Unit: $244,167
  • Total Acres: 90
  • Price per Acre: $162,778

Stephen Tragash of Gebroe-Hammer Associates represented Sparta Residence LLC in this transaction as their broker. This sale showcases the expertise and professionalism of the individuals involved in the deal.

Players

Stephen (Steve) Tragash
SAGE Investment Real Estate Advisors
Stephen Tragash
9 deals$222.8M volume
BROKER
Gebroe-Hammer Associates
Gebroe-Hammer Associates
BROKERAGE

Details

SOLD
IMAGE: Stephen Tragash DATE: 04/27/2021 ADDRESS: 1 Prosper Pl MARKET: Sparta ASSET TYPE: Multifamily BUYER: Sparta Residence LLC SELLER: NV MF Holdings LLC BROKER: Stephen Tragash - Gebroe-Hammer Associates PRICE: $14,650,000 UNITS: 60 ~ PPU: $244,167 ACRES: 90 ~ PPA: $162,778

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$52,048.37
Cash-on-Cash Return-1.27%
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