Updated Oct 29, 2024
Community Preservation Partners & L&M Development Partners Acquire Multifamily Property In East Orange For $94M
500 N Walnut St, East Orange, NJ 07017, USA
$94,000,000
$411/SF
Building Size
228,736 SF
Asset Type
MultiFamily
Closing
Nov 17, 2020
About this deal
AI
500 N. Walnut Street, a multifamily property located in East Orange, was recently sold in a closed transaction. The property, consisting of 405 units, was purchased by Community Preservation Partners and L+M Development Partners from Squiretown Properties LLC. The sale was facilitated by Jessie Elsanhuty of Colliers International. The transaction was completed on November 18, 2020, with a purchase price of $94,000,000, resulting in a per unit price of $232,099.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $94,000,000
- Units: 405
- Price per Unit (PPU): $232,099
The buyer, Community Preservation Partners and L+M Development Partners, acquired the property, while the seller was Squiretown Properties LLC. Providing representation for the transaction, Jessie Elsanhuty of Colliers International acted as the broker.
Players
East Orange MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93