Robert Vecsler And Lawrence B. Benenson Acquire 314-Unit Multifamily Asset In Cliffside Park For $165M

A 314-unit multifamily asset located at 695 Anderson Ave in Cliffside Park was sold for $165 million. The property was priced at approximately $525,478 per unit. It is noted that the asset was 95% occupied at the time of sale, reflecting a 5.6% cap rate and resolving a $130 million CMBS loan.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $165,000,000
• Units: 314
• Price Per Unit: $525,478
• Buyer: Robert Vecsler - Hyperion Group; Lawrence B. Benenson - Benenson Capital
• Seller: Lionstone Capital & Demetrakis family

The transaction saw Robert Vecsler representing Hyperion Group and Lawrence B. Benenson representing Benenson Capital Partners as they acquired the property from Lionstone Capital and the Demetrakis family, marking HyperionMFP Partners' first investment in the multifamily sector.