Nat Gambuzza, Spencer Beriont, and Trevor Fiebel are proud to announce the closing of a 214-unit multifamily building located at 1 W Dickerson St in Dover, New Jersey. The property was sold for a record price of $75,000,000, setting a new benchmark for the market. With a price per unit of $350,467 and a total area of 200,000 square feet, this property represents a significant investment opportunity.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $75,000,000
• Number of Units: 214
• Price Per Unit: $350,467
• Total Square Footage: 200,000
• Price Per Square Foot: $375
• Market: Dover, NJ

The 214-unit building in Dover, New Jersey offers a range of amenities, including a gym, a basketball court, a lounge, and garage parking, making it an attractive choice for tenants. Its prime location adjacent to the Dover NJ Transit train station provides convenient commuting access to various destinations in Northern New Jersey and New York City.

This property stands out not just for its amenities and location but also for its exceptional investment potential. The buyers were particularly drawn to the property due to its 30-year tax PILOT and the significant rent growth observed in Dover. This closing marks the second time the property has been sold in a year, this time at a 40% higher price per unit.

Nat Gambuzza, Spencer Beriont, and Trevor Fiebel, along with Brian Antognini, Timothy Blashford, and Michael O'Reilly from Berkadia, represented the seller and facilitated the transaction, procuring a buyer for this prime multifamily property in Dover, New Jersey.