New Jersey Family Office Acquires Victory Hills East Multifamily For $27.6 Million In Victory Gardens

The multifamily asset located at 369 Washington Avenue in Victory Gardens has successfully closed with a transaction amount of $27,600,000. The property encompasses 124 units across seven garden-style buildings, totaling approximately 130,000 square feet. This community features apartments with one- and two-bedroom layouts, as well as semi-private entrances, hardwood floors, and private balconies and porches.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $27,600,000
• Units: 124
• Price Per Unit: $222,580
• Square Footage: 130,000
• Price Per Square Foot: $212
• Broker Representation: Nat Gambuzza & Spencer Beriont - Berkadia

Nat Gambuzza and Spencer Beriont are representing the buyer, a New Jersey-based family office, who plans to execute a value-add business model focusing on renovations of the units as they become available. The property was noted for its strong rental growth and limited inventory on large garden communities in Morris County, marking the second time it has been sold in the last five years.