Eli Berger Acquires Carlton Apartments In Atlantic City From Turel Cebeci For $6 Million

The Carlton Apartments, located at 1329 Pacific Avenue in Atlantic City, NJ, is a multifamily asset that has been sold for $6,000,000. This asset features a 10-story elevator building constructed in 1927, comprising a total of 82 apartments, which includes 30 studio units, 40 one-bedroom units, and 12 two-bedroom units, along with 2 retail spaces. The property had been under the same ownership for over 40 years and underwent extensive compliance processes to meet CRDA requirements.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,000,000
• Cap Rate: 5.8%
• Price Per Apartment Unit: $73,171
• Buyer: Eli Berger
• Seller: Turel Cebeci
• Seller's Representative: Dante Fusaro & Adam Zweibel - Hudson Atlantic Realty

Dante Fusaro led the transaction process, providing key expertise alongside Adam Zweibel, facilitating the successful closing of this deal despite the challenges posed by CRDA compliance. This transaction marked a significant change in ownership for Carlton Apartments, shedding light on the efforts made by Hudson Atlantic Realty to bring the deal to fruition.