facebook
Traded Co logo
Submit
Daily limit: 0/10

Jeffrey C. Hines, Laura Hines-Pierce & Alfonso Munk Buy Jersey City Multifamily For $222.5M

Property Image
SOLD
$222,500,000

New Jersey

See Similar Deals
MultiFamily
Sold 07/12/2024
the dealdetailscomps
Property Image
SOLD

Jeffrey C. Hines, Laura Hines-Pierce & Alfonso Munk Buy Jersey City Multifamily For $222.5M

207 Van Vorst Street & 197 Van Vorst Street

See Similar Deals
MultiFamily
Sold 07/12/2024
the dealdetailscomps

Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale

Two luxury Jersey City apartment complexes located at 207 Van Vorst Street & 197 Van Vorst Street were sold for $222,500,000 in cash. The multifamily asset consists of 408 units with a price per unit of $545,343.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $222,500,000
  • Units: 408
  • Price Per Unit: $545,343
  • Market: Jersey City
  • Buyer: Jeffrey C. Hines, Laura Hines-Pierce & Alfonso Munk - Hines

Hines acquired the properties, betting on distressed sellers and rising rents, with plans to expand their portfolio as multifamily valuations decrease. The deal reflects a strategic move by the buyers to capitalize on the current market conditions.

Details

SOLD
IMAGE: Jeffrey C. Hines, Laura Hines-Pierce & Alfonso Munk DATE: 07/12/2024 ADDRESS: 207 Van Vorst Street & 197 Van Vorst Street MARKET: Jersey City ASSET TYPE: Multifamily BUYER: Jeffrey C. Hines, Laura Hines-Pierce (@TXHines57) & Alfonso Munk - Hines (@Hines) SALE PRICE: $222,500,000 UNITS: 408 ~ PPU: $545,343 NOTE: Hines snapped up two luxury Jersey City apartment complexes for $222.5M cash, betting on distressed sellers and rising rents. The firm plans to acquire more properties as multifamily valuations plummet.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$11,866,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$790,495.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,054,763.51
Annual Debt Service$12,657,162.17