New Jersey Workforce Housing Portfolio Sells for $146M
- Jul 31, 2019
Murnick Property Group has sold a portfolio of seven workforce housing communities in northern and central New Jersey totaling 1,035 units for $146 million. The buyer is an undisclosed international investor.
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A CBRE team of Jeffrey Dunne, Gene Pride, Eric Apfel, Nat Gambuzza, John Veniero and John McFadden represented the owner and procured the buyer. The process attracted more than 33 offers, according to a statement by the brokerage.
The portfolio comprises the following properties:
- Washington Towers at 40 Washington St. in East Orange (197 units)
- Executive House at 175 Prospect St. in East Orange (228 units)
- Ambassador Towers at 44 S. Munn Ave. in East Orange (161 units)
- Munn Heritage at 50 S. Munn Ave. in East Orange (75 units)
- Parkview Gardens at 204 Sixth Ave. W. in Newark (24 units)
- Munroe Towers at 610 Sewall Ave. in Asbury Park (261 units)
- Lafayette House at 777 W. State St. in Trenton (89 units)
All of the properties were built between 1947 and 1966, except for Munn Heritage, which was constructed in 1913. The buildings range in height from four to 15 stories and have high occupancy and resident retention. The communities have seen 4.1 percent average annual rent growth since 2014, according to the statement.
Murnick Property Group has operated and maintained the buildings for half a century, said Jay Murnick, principal at the group in prepared remarks. The buyer has an opportunity to invest in enhancements and upgrades to finishes in the units and common areas.