Local NJ Family Office Acquires 49-Unit Multifamily Asset In Wharton For Closed Transaction

The property involved in the transaction is a multifamily asset located at 54 North Main Street in Wharton, NJ. This apartment building consists of 49 units totaling 50,000 square feet. Built in 2021, the asset features a four-story layout with an elevator, secured garage parking, and two surface parking lots. It includes on-site storage, a leasing office, and a community lounge, comprising 24 one-bedroom units and 25 two-bedroom layouts averaging 984 square feet.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: Not disclosed
• Units: 49
• Square Footage: 50,000
• Address: 54 North Main Street
• Market: Wharton
• Broker Team: Nat Gambuzza, Trevor Fiebel, Nick Balancia, and Spencer Beriont
• Broker Agency: Berkadia
• Buyer: Local NJ based family office utilizing a 1031 exchange
• Capital Improvements: Plans for a fitness center and coffee lounge
• Ownership Duration: Owned by the original developer since construction in 2021
• Loss-to-Lease Opportunity: Yes, with potential for increased ancillary income and utility pass-throughs

Nat Gambuzza, Trevor Fiebel, Spencer Beriont, and Nick Balancia represented the seller, Park Valley Development, in this transaction. The closing marks the second transaction within their portfolio that Berkadia is exclusively representing.