Record-Breaking $75M Multifamily Sale In Dover, NJ By Berkadia Brokers
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This MultiFamily property located in NJ was sold for $75,000,000 over 1 year ago. The brokers of the deal were Nat Gambuzza, Spencer Beriont, Trevor Fiebel, Brian Antognini, Timothy (Tim) Blashford, and Michael O'Reilly
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- Location1 West Dickerson Street
- Sale Price$75,000,000$375 PPSF
- Area200,000 SF
- Asset TypeMultiFamily
- Parties6 Brokers, 1 Agency
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Deal Summary
SALE
IMAGE: Nat Gambuzza, Spencer Beriont, & Trevor Fiebel
DATE: 07/25/2022
ADDRESS: 1 W Dickerson St
MARKET: Dover, NJ
ASSET TYPE: Multifamily
BROKERS: Nat Gambuzza (@NatGambuzza), Spencer Beriont (@SpencerBeriont) & Trevor Fiebel (@TrevorTrevv), (@TrevorFiebel), Brian Antognini(@Brianantognini), Timothy Blashford (@TimothyBlashford) & Michael O'Reilly (@MichaelO'Reilly) - Berkadia
SALE PRICE: $75,000,000
UNITS: 214 ~ PPU: $350,467
SF: 200,000 ~ PPSF: $375
NOTE FROM BROKERS: Nat Gambuzza, Spencer Beriont, and Trevor Fiebel are proud to announce the closing of a 214-unit building in Dover, New Jersey. The property was built in 2020 and boasts amenities including, a gym, a basketball court, a lounge, and garage parking. Built directly in the center of Dover, the property sits adjacent to the Dover NJ Transit train station providing tenants with commuter access to several points in Northern New Jersey as well as New York City. The property was particularly enticing to the buyers due to its 30-year tax PILOT and the substantial rent growth recently seen in Dover. The closing sets a record price per unit in Dover, New Jersey, with the property being sold for a second time in a year for 40% higher. The investment sales team represented the seller and procured the buyer.
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1 West Dickerson Street
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