facebook
Traded Co logo
Submit

Renaissance Management Acquires Multifamily Property In New Brunswick For $173.5M

Property Image
SOLD
$173,450,000
Stuart MacKenzie
Richard Gatto
Jeffrey Dunne
+ 3

New Jersey

See Similar Deals
MultiFamily
Sold 03/09/2022
the dealplayerscompscontact
Property Image
SOLD

Renaissance Management Acquires Multifamily Property In New Brunswick For $173.5M

1 Richmond Street, New Brunswick, New Jersey 08901, United States

See Similar Deals
MultiFamily
Sold 03/09/2022
Stuart MacKenzie
Richard Gatto
Jeffrey Dunne
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale

On March 9, 2022, a multifamily property located at 1 Richmond St in New Brunswick was sold for a total of $173,450,000. The property consists of 415 units, with an average price per unit of $417,952.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $173,450,000
  • Address: 1 Richmond St
  • Market: New Brunswick

The buyer in this transaction was Renaissance Management, while the seller was Manulife Investment Management. The deal was facilitated by CBRE brokers including Jeffrey Dunne, Jeremy Neuer, Richard Gatto, Fahri Ozturk, Stuart MacKenzie, and Eric Apfel.

Players

Jeremy Neuer
JLL
Jeremy Neuer
45 deals$1.9B volume
BROKER
Eric Apfel
CBRE
Eric Apfel
26 deals$1.9B volume(203) 286-3027
BROKER
Richard Gatto
CBRE
Richard Gatto
43 deals$999.8M volume
BROKER
Fahri Ozturk
CBRE
Fahri Ozturk
42 deals$994.3M volume
BROKER
Jeffrey Dunne
CBRE
Jeffrey Dunne
86 deals$4B volume
BROKER
Stuart MacKenzie
CBRE
Stuart MacKenzie
25 deals$1.6B volume
BROKER
RM
Renaissance Management
BUYER
MM
Manulife Investment Management
SELLER

Details

SOLD
IMAGE: Jeffrey Dunne, Jeremy Neuer, Fahri Ozturk, Richard Gatto, Stuart MacKenzie & Eric Apfel DATE: 03/09/2022 ADDRESS: 1 Richmond St MARKET: New Brunswick ASSET TYPE: Multifamily BUYER: Renaissance Management SELLER: Manulife Investment Management BROKERS: Jeffrey Dunne, Jeremy Neuer, Richard Gatto, Fahri Ozturk, Stuart MacKenzie & Eric Apfel - CBRE SALE PRICE: $173,450,000 UNITS: 415 ~ PPU: $417,952

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$9,250,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$616,231.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$822,241.49
Annual Debt Service$9,866,897.88