P3 Properties And Greyhill Group Acquire Multifamily Asset From PGIM For $125.25M
SOLD
$125,250,000
New Jersey
See Similar DealsMultiFamily451,916 SF
Sold 05/18/2026
SOLD
P3 Properties And Greyhill Group Acquire Multifamily Asset From PGIM For $125.25M
24a Avenue At Port Imperial
See Similar DealsMultiFamily451,916 SF
Sold 05/18/2026
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$277
Total Square Footage:451,916 SF
Transaction Type:Sale
The asset involved in this transaction is a multifamily property located at 24a Avenue at Port Imperial in West New York, NJ. The sale price for this property was $125,250,000. It encompasses a total of 301 units and offers a square footage of 451,916, translating to a price per unit of $416,112 and a price per square foot of $277.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $125,250,000
- Units: 301
- Square Feet: 451,916
- Price Per Unit: $416,112
- Price Per Square Foot: $277
- Buyer: P3 Properties & Greyhill Group
- Seller: PGIM
- Broker: Adam Spies - Newmark
The individuals associated with this transaction include the buyers, P3 Properties & Greyhill Group, who will take ownership of the multifamily asset. On the selling side, PGIM was represented in this deal. Adam Spies, from Newmark, acted as the broker facilitating this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,679,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$444,986.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$593,748.90
Annual Debt Service$7,124,986.79
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