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Record-Breaking $75M Multifamily Sale In Dover, NJ By Berkadia Brokers

1 West Dickerson Street
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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

Nat Gambuzza, Spencer Beriont, and Trevor Fiebel are proud to announce the closing of a 214-unit multifamily building located at 1 W Dickerson St in Dover, New Jersey. The property was sold for a record price of $75,000,000, setting a new benchmark for the market. With a price per unit of $350,467 and a total area of 200,000 square feet, this property represents a significant investment opportunity.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $75,000,000
  • Number of Units: 214
  • Price Per Unit: $350,467
  • Total Square Footage: 200,000
  • Price Per Square Foot: $375
  • Market: Dover, NJ

The 214-unit building in Dover, New Jersey offers a range of amenities, including a gym, a basketball court, a lounge, and garage parking, making it an attractive choice for tenants. Its prime location adjacent to the Dover NJ Transit train station provides convenient commuting access to various destinations in Northern New Jersey and New York City.

This property stands out not just for its amenities and location but also for its exceptional investment potential. The buyers were particularly drawn to the property due to its 30-year tax PILOT and the significant rent growth observed in Dover. This closing marks the second time the property has been sold in a year, this time at a 40% higher price per unit.

Nat Gambuzza, Spencer Beriont, and Trevor Fiebel, along with Brian Antognini, Timothy Blashford, and Michael O'Reilly from Berkadia, represented the seller and facilitated the transaction, procuring a buyer for this prime multifamily property in Dover, New Jersey.

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Deals
  • Location
    1 West Dickerson Street1 West Dickerson Street
  • Sale Price
    $75,000,000$75,000,000
    $375 PPSF$375 PPSF
  • Area
    200,000 SF200,000 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    6 Brokers, 1 Agency6 Brokers, 1 Agency

Agents

Michael O'Reilly

Michael O'Reilly

Deals8
Sold$128.6M

Brian Antognini

Brian Antognini

Deals10
Sold$142.4M

Trevor Fiebel

Trevor Fiebel

Deals20
Sold$262.8M

Spencer Beriont

Spencer Beriont

Deals17
Sold$341.9M

Nat Gambuzza

Nat Gambuzza

Deals29
Financed$474.6M

Agency

Berkadia

Berkadia

Agency
Deals1097
Volume$45.7B

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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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