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Pacific Urban Acquires Multifamily Property In Lyndhurst, NJ For $130M

Property Image
SOLD
$130,000,000
Jason Lundy
Steve Simonelli
+ 2

New Jersey

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MultiFamily329,654 SF
Sold 10/06/2021
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Property Image
SOLD

Pacific Urban Acquires Multifamily Property In Lyndhurst, NJ For $130M

1301 Wall Street West, Lyndhurst, NJ 07071

See Similar Deals
MultiFamily329,654 SF
Sold 10/06/2021
Jason Lundy
Steve Simonelli
+ 2
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$394
Total Square Footage:329,654 SF
Transaction Type:Sale

Located at 1301 Wall St. W in Lyndhurst, NJ, this multifamily property has recently been sold in a closed transaction. The property consists of 328 units, with a total square footage of 329,654. The sale price for this transaction was $130,000,000, resulting in a price per unit of $396,341 and a price per square foot of $394.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $130,000,000
  • Units: 328
  • Price per Unit: $396,341
  • Total Square Footage: 329,654
  • Price per Square Foot: $394
  • Market: Lyndhurst, NJ

The buyer of this property is Pacific Urban, while the seller is Mesirow Financial. The transaction was facilitated by the brokers Jose Cruz, Michael Oliver, JB Bruno, Steve Simonelli, Kevin O'Hearn, and Jason Lundy from JLL.

Players

JB Bruno
21 deals$1.6B volume(908) 447-0021
BROKER

Jose Cruz
JLL
102 deals$7.9B volume(201) 240-7546
BROKER

Steve Simonelli
JLL
64 deals$4.9B volume
BROKER

Jason Lundy
JLL
23 deals$1.3B volume
BROKER

Michael Oliver
JLL
69 deals$4.3B volume
BROKER

BUYER


Details

SOLD
IMAGE: Jose Cruz, Michael Oliver, JB Bruno, Steve Simonelli, Kevin O'Hearn, Jason Lundy DATE: 10/06/2021 ADDRESS: 1301 Wall St. W MARKET: Lyndhurst, NJ ASSET TYPE: Multifamily BUYER: Pacific Urban SELLER: Mesirow Financial BROKERS: Jose Cruz, Michael Oliver, JB Bruno, Steve Simonelli, Kevin O'Hearn, Jason Lundy - JLL SALE PRICE: $130,000,000 UNITS: 328 ~ PPU: $396,341 SF: 329,654 ~ PPSF: $394

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$6,933,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$461,862.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$616,266.32
Annual Debt Service$7,395,195.87