Updated Oct 28, 2024
CBRE Brokers Sell Multifamily Property In Newark For $30M
103 Chancellor Avenue, Newark, New Jersey 07112, United States
$30,000,000
Units
191
Asset Type
MultiFamily
Closing
Mar 8, 2022
About this deal
AI
The multifamily property located at 103 Chancellor Ave. & 25 Van Velsor Place in Newark has been sold in a recent transaction. The property, owned by OneWall Communities, was listed and sold by a team of brokers from CBRE, including Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, and Zach McHale. The sale price for the property was $30,000,000, and it consists of 191 units, with an average price per unit of $157,068.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $30,000,000
- Units: 191
- Price per Unit (PPU): $157,068
- Address: 103 Chancellor Ave. & 25 Van Velsor Place, Newark
- Market: Newark
The team of brokers from CBRE, comprising Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, and Zach McHale, played a crucial role in facilitating the transaction. This successful sale demonstrates their expertise and dedication in the real estate industry.
Players
Newark 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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93