Updated Oct 28, 2024
Renaissance Management Acquires Multifamily Property In New Brunswick For $173.5M
1 Richmond Street, New Brunswick, New Jersey 08901, United States
$173,450,000
Units
415
Asset Type
MultiFamily
Closing
Mar 8, 2022
About this deal
AI
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.
On the Map
$173,450,000
MultiFamily
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Players
New Brunswick MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93