Fahri Ozturk, Richard Gatto, And David Ferber Acquire Multifamily Property In Jersey City For $12M

The property asset involved in this transaction is a multifamily building located at 109-111 Garrison Ave and 64-70 Baldwin Ave in Jersey City. The sale price was $12,000,000, encompassing a total of 82 units, resulting in a price per unit of $146,341. The cap rate for this transaction stood at 2.30%, with an occupancy rate of 50% at the time of sale.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $12,000,000
• Units: 82
• Price Per Unit: $146,341
• Cap Rate: 2.30%
• Occupancy at Sale: 50%

The brokers involved in this transaction were Fahri Ozturk, Richard Gatto, and David Ferber, CPA, representing the interests of the respective parties in the deal.