The Pomeranc Group Acquires Multifamily Property In Wayne For $151M
SOLD
$151,000,000
+ 2
New Jersey
See Similar DealsMultiFamily207,519 SF
Sold
SOLD
The Pomeranc Group Acquires Multifamily Property In Wayne For $151M
650 NJ-23 Wayne, NJ 07470, USA
See Similar DealsMultiFamily207,519 SF
Sold
+ 2
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$727
Total Square Footage:207519 SF
Transaction Type:Sale
The multifamily property located at 650 New Jersey Highway 23 in Wayne has been sold in a closed transaction. The property consists of 465 units with a price per unit of $324,731, resulting in a total sale price of $151,000,000. The total square footage of the property is 207,519, with a price per square foot of $728.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $151,000,000
- Address: 650 New Jersey Highway 23, Wayne
- Market: Wayne
- Asset Type: Multifamily
The buyer involved in this transaction is The Pomeranc Group represented by Michael Pomeranc. The seller is UBS Realty Investors. The deal was facilitated by the brokers Ryan Dowd, Niko Nicolaou, Brian Whitmer, and Peter Welch from Cushman & Wakefield.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$8,053,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$536,471.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$715,817.04
Annual Debt Service$8,589,804.44
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