RMG Group Acquires Multifamily Asset In Elizabeth, NJ For $11.8M

The Elizabeth Gardens Apartments complex located at 648-654 Jefferson Avenue in Elizabeth, N.J. has been sold for a price of $11,800,000. The multifamily property consists of 90 units, resulting in a per unit price of $131,111. The sale was facilitated by brokers Niko Nicolaou and Joseph Gehler from Gebroe Hammer Associates, representing the buyer and seller respectively. The transaction reflects a capitalization rate of 5%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $11,800,000
• Address: 648-654 Jefferson Ave, Elizabeth, NJ
• Units: 90
• Price Per Unit: $131,111
• Capitalization Rate: 5%

RMG Group, represented by Vinny Ciurciu, acquired the property from Kamson Corp. Town Title Agency recently insured the purchase, while Columbia Bank provided $8.85 million in financing for the buyer.