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RJ Block Properties Acquires Multifamily Property In Newark For $36.5M

Property Image
SOLD
$36,500,000
Travis Langer
Jeffrey Dunne
+ 3

New Jersey

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MultiFamily141,175 SF
Sold 01/11/2022
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Property Image
SOLD

RJ Block Properties Acquires Multifamily Property In Newark For $36.5M

24 Jones Street, Newark, New Jersey 07103, United States

See Similar Deals
MultiFamily141,175 SF
Sold 01/11/2022
Travis Langer
Jeffrey Dunne
+ 3
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$258
Total Square Footage:141,175 SF
Transaction Type:Sale

Located at 24 Jones St in Newark, this multifamily property was recently sold in a transaction worth $36,500,000. The property consists of 152 units, with a per-unit price of $240,132. The sale was facilitated by brokers Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie, Eric Apfel, and Travis Langer from CBRE. RJ Block Properties acquired the property from Tucker Development.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $36,500,000
  • Address: 24 Jones St, Newark
  • Market: Newark
  • Units: 152
  • Price Per Unit: $240,132

The involvement of RJ Block Properties as the buyer and Tucker Development as the seller highlights the key individuals and companies in this transaction. CBRE brokers Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie, Eric Apfel, and Travis Langer played a crucial role in facilitating the deal on behalf of their respective clients.

Players

Jeremy Neuer
45 deals$1.9B volume
BROKER

Eric Apfel
CBRE
26 deals$1.9B volume(203) 286-3027
BROKER

Steven Bardsley
CBRE
47 deals$1.9B volume
BROKER

Travis Langer
CBRE
52 deals$2.4B volume
BROKER

Jeffrey Dunne
CBRE
86 deals$4B volume
BROKER

Stuart MacKenzie
CBRE
25 deals$1.6B volume
BROKER

BUYER

Details

SOLD
IMAGE: Jeremy Neuer, Steve Bardsley, Jeffrey Dunne, Stuart MacKenzie, Eric Apfel & Travis Langer DATE: 01/11/2022 ADDRESS: 24 Jones St MARKET: Newark ASSET TYPE: Multifamily BUYER: RJ Block Properties SELLER: Tucker Development BROKERS: Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie, Eric Apfel & Travis Langer - CBRE SALE PRICE: $36,500,000 UNITS: 152 ~ PPU: $240,132

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Deal Type
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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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