Spaxel Acquires Multifamily Portfolio In East Orange, NJ For $113M
SOLD
$113,000,000
New Jersey
See Similar DealsMultiFamily
Sold 11/01/2021
SOLD
Spaxel Acquires Multifamily Portfolio In East Orange, NJ For $113M
106 South Harrison Street, East Orange, NJ, USA
See Similar DealsMultiFamily
Sold 11/01/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale
An eight-property multifamily portfolio in East Orange, NJ has been sold for a total of $113,000,000. The portfolio consists of 641 units, with an average price per unit of $176,287. The properties included in the sale are located at 106, 111, 120, 158, 179, 255, 275, and 296 S. Harrison St, as well as 94 S. Harrison St and 650 Park Ave.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $113,000,000
- Units: 641
- Price Per Unit: $176,287
- Address: 106, 111, 120, 158, 179, 255, 275, 296 S. Harrison St and 94 S. Harrison St, 650 Park Ave, East Orange, NJ
Gebroe-Hammer Associates represented the buyer, Spaxel, in the transaction. Joseph Brecher, David Oropeza, and Niko Nicolaou from Gebroe-Hammer Associates acted as the brokers for the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,026,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$401,465.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$535,677.65
Annual Debt Service$6,428,131.80
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