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Beachwold Residential Acquires Multifamily In Bergen Lafayette, Jersey City For $31.9M

Property Image
SOLD
$31,900,000
Josh Stein
Steve Simonelli
+ 1

New Jersey

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MultiFamily53,676 SF
Sold 07/12/2022
the dealplayerscompscontact
Property Image
SOLD

Beachwold Residential Acquires Multifamily In Bergen Lafayette, Jersey City For $31.9M

65 Maple Street

See Similar Deals
MultiFamily53,676 SF
Sold 07/12/2022
Josh Stein
Steve Simonelli
+ 1
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$594
Total Square Footage:53,676 SF
Transaction Type:Sale

The multifamily property located at 65 Maple St in Bergen Lafayette, Jersey City has been sold in a recent transaction. The property consists of 72 units with a total square footage of 53,676. The sale price for this multifamily asset was $31,900,000, resulting in a per unit price of $443,056 and a price per square foot of $594.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $31,900,000
  • Units: 72
  • Price per Unit: $443,056
  • Total Square Footage: 53,676
  • Price per Square Foot: $594

The buyer in this transaction was Beachwold Residential, while the seller was PERE. The deal was facilitated by the brokers Michael Oliver, Jose Cruz, Steve Simonelli, and Josh Stein from JLL.

Players

Jose Cruz
102 deals$7.9B volume(201) 240-7546
BROKER

Steve Simonelli
JLL
64 deals$4.9B volume
BROKER

Josh Stein
CBRE
13 deals$1.2B volume
BROKER

Michael Oliver
JLL
69 deals$4.3B volume
BROKER

Beachwold Residential
BUYER

Details

SOLD
IMAGE: Michael Oliver, Jose Cruz, Steve Simonelli, Josh Stein DATE: 07/12/2022 ADDRESS: 65 Maple St MARKET: Bergen Lafayette, Jersey City ASSET TYPE: Multifamily BUYER: Beachwold Residential SELLER: PERE BROKERS: Michael Oliver, Jose Cruz, Steve Simonelli, Josh Stein - JLL SALE PRICE: $31,900,000 UNITS: 72 ~ PPU: $443,056 SF: 53,676 ~ PPSF: $594

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,701,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$113,333.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$151,222.27
Annual Debt Service$1,814,667.30