Berkadia closes the $8.78M sale of the 52-unit Aberdeen Arms Apartments in Elizabeth, New Jersey.
Berkadia has completed the $8,775,000 sale of Aberdeen Arms Apartments, a 52-unit garden-style multifamily asset located at 730-734 N. Broad St. in Elizabeth, New Jersey. The property, built in 1965, comprises 10 one-bedroom and 42 two-bedroom units and was 100% occupied at the time of closing. The deal represents a per-unit price of $168,750.
Berkadia’s Nat Gambuzza, Trevor Fiebel, and Nick Balancia led the transaction on behalf of a long-term owner. In addition to the sale, Berkadia arranged a 15-year self-liquidating loan through a life insurance company to finance the acquisition. The buyer identified the asset as a value-add opportunity, citing its well-maintained condition and below-market rents.
Cervelli Real Estate & Property Management adds three multifamily properties totaling three apartment buildings in Jersey City to its management portfolio.
ICON Real Estate Advisors brokered the $19.35-million sale of The Pavilion, a 46-unit apartment building in Long Branch, and an adjacent retail property.
Kawaida Towers, a 10-story affordable housing project, gains momentum in downtown Newark following an $8 million city grant.
Garden Communities launches a lottery for 90 affordable rental units at The Sylvan, a newly completed residential complex in Englewood Cliffs.
Walters earned 10 FAME Awards, including Community of the Year for the 73-unit Cornerstone at Hainesport in Burlington County.
Adoni Property Group sells the 52-unit multifamily property at 8 Tice Rd. in Franklin Lakes, New Jersey, for $29 million.
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