Orchard Court Apartments LLC Acquires 156-Unit Multifamily Property In Pennsville For $16M
SOLD
$16,000,000
New Jersey
See Similar DealsMultiFamily800 SF
Sold 10/26/2021
SOLD
Orchard Court Apartments LLC Acquires 156-Unit Multifamily Property In Pennsville For $16M
1000 Carroll Ave, Pennsville Township, NJ, USA
See Similar DealsMultiFamily800 SF
Sold 10/26/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$20,000
Total Square Footage:800 SF
Transaction Type:Sale
The multifamily property located at 1000 Carroll Ave in Pennsville has been sold in a recent transaction. The property spans across 14.2 acres and is situated in the Pennsville market. The deal was completed on October 26, 2021.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $16,000,000
- Address: 1000 Carroll Ave
- Market: Pennsville
- Asset Type: Multifamily
- Acres: 14.2
The buyer of the property is Orchard Court Apartments LLC. They acquired the property from the seller, Kamson Corp. The deal was facilitated by brokers Barry Waisbrod, Jason Pucci, and Justin Lupo, who represented both the buyer and the seller. The brokers work at The Kislak Co.
The transaction involved a total of 156 units, and the price per unit (PPU) was $102,564.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$853,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$56,844.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$75,848.16
Annual Debt Service$910,177.95
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