Rockledge Ventures LLC Acquires Multifamily Property In Montclair For $38M
SOLD
$38,000,000
+ 1
New Jersey
See Similar DealsMultiFamily
Sold 04/01/2022
SOLD
Rockledge Ventures LLC Acquires Multifamily Property In Montclair For $38M
36 Hawthorne Place, Montclair, New Jersey 07042, United States
See Similar DealsMultiFamily
Sold 04/01/2022
+ 1
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale
Located at 36 Hawthorne Place in the Montclair market, a multifamily property has been sold in a closed transaction. The property consists of 133 units, with a sale price of $38,000,000, resulting in a price per unit of $285,714. The buyer, Rockledge Ventures LLC, acquired the property from the seller, Hawthorne Towers LLC.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $38,000,000
- Units: 133
- Price Per Unit: $285,714
The deal was facilitated by the brokers David Oropeza, Joseph Brecher, and Ken Uranowitz from Gebroe-Hammer Associates. Brad Domenico from Progress Capital acted as the mortgage broker in the transaction.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,026,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$135,005.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$180,139.39
Annual Debt Service$2,161,672.64
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