Updated Oct 28, 2024
Standard Communities Acquires Atlantic City Multifamily For $35.9M
233 North New York Avenue, Atlantic City, NJ 08401, USA
$35,900,000
$44,875/SF
Building Size
800 SF
Asset Type
MultiFamily
Closing
Aug 27, 2021
About this deal
AI
A multifamily property located at 233 N. New York Ave in Atlantic City, NJ, was recently sold for a total price of $35,900,000. The transaction took place on 08/27/2021. The property consists of 151 units, resulting in a price per unit (PPU) of $237,748. The sale was facilitated by Standard Communities, represented by Steven Kahn.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $35,900,000
- Units: 151
- PPU: $237,748
- Buyer: Standard Communities
- Seller: Not mentioned
- Representative: Steven Kahn
The sale of this multifamily property in Atlantic City, NJ, showcases the strong demand for investment in the area. Standard Communities, represented by Steven Kahn, acted as the buyer in this transaction. The significant investment highlights confidence in the market and reflects the potential for attractive returns in the multifamily sector.
Atlantic City MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93