A multifamily property transaction has taken place involving five properties located at 280 Fairmount Avenue, 321 54th Street, 320 53rd Street, 6008 Hudson, and 422 68th Street in Jersey City, West New York, and Guttenberg. The asset type of these properties is multifamily, making them suitable for rental investments.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $70,132,500
• Units: 211
• Price per Unit: $332,382
• Square Footage: 196,004
• Price per Square Foot: $358

The deal involved Sym Investments and Tuli Realty as the buyers and Tenth Avenue Holdings, represented by Donald Denihan, as the seller. Manveer "Manny" Sanghera from Veerman Asset Management acted as the broker for both the buyers and the seller.

According to Sanghera, this transaction required extensive asset management efforts. Prior to marketing, Veerman Asset Management assisted with the leasing of the property and identified significant assumable debt during due diligence. Despite facing challenges related to fluctuating interest rates, the deal progressed successfully. Within 24 hours of one of the assets being separated from the portfolio purchase, Sanghera managed to secure a local buyer, enabling multiple closings to be arranged between December and January.

Sanghera highlighted the rental upside and minimal capital improvement needs of the properties, which attracted the buyers. These multifamily assets, constructed after 2000, provided a safe investment opportunity with strong upside potential, particularly considering the surge in rental rates in Hudson County. In 2022, Veerman Asset Management specialized in selling post-2000 construction multifamily deals, completing over $107 million in dispositions over 314 units for their clients, resulting in an average sales price of over $340,000 per unit.

For more information on Veerman Asset Management and CEO Manveer Sanghera, visit their website www.VAMFinancials.com.