TODAY’S DEALS: Kushner, Extell Grab Oceanfront Mixed-Use Asset in N.J.
Kushner and Extell buy an oceanfront asset with expansion plans; Steadfast Apartment REIT completes its second buy in Georgia; and NC Pepe Corp. sells a property in Brooklyn's Williamsburg.
Courtesy Google Street View.
Long Branch, N.J.—Kushner Cos. and Extell Development Co. have acquired Pier Village, a 492-unit waterfront mixed-use asset in Long Branch, N.J., that features 90,000 square feet of retail. The partners plan to revitalize the site and expand the community by completing the third phase of its planned development.
The apartments and retail center around Festival Plaza, an ocean-facing green space that hosts community events like fairs and concerts. The final phase of the project will bring residential condos, family-oriented retail and a boutique hotel. Long Branch sits about 50 miles south of New York, and 80 miles east of Philadelphia.
Steadfast acquires 500 units near Atlanta
Kennesaw, Ga.—Steadfast Apartment REIT has acquired 1800 Barrett Lakes, a 500-unit apartment asset in the Atlanta submarket of Kennesaw, Ga. The purchase price was $49 million, which brings the REIT’s ivestments to $234 million in six apartment communities in four Midwestern and Southern states.
“1800 Barrett Lakes is located in one of the stronger submarkets within the Atlanta area,” says Ella Shaw Neyland, president of Steadfast Apartment REIT. “We believe that the new Atlanta Braves baseball stadium—just six miles from the property—the expansion of the McCollum Field County Airport and the addition of a $38 million mixed‐use development project will continue to drive demand for apartments in Kennesaw.”
Constructed in two phases between 1988 and 1997, the 96-percent occupied Barrett Lakes consists of 39 garden-style buildings on an expansive 68-acre site. Amenities include two swimming pools, a sauna, lighted tennis courts, a fitness center, a clubhouse, a playground and an Internet café. Approximately 40 percent of the apartment homes have been renovated to include upgraded cabinetry, countertops and appliances. Steadfast plans to continue the interior upgrades when turning the units between residents.
Barrett Lakes is the REIT’s second acquisition in Georgia. In October 2014, the REIT acquired the 696-unit Residences at McGinnis Ferry in Suwanee—30 miles northeast of downtown Atlanta.
NC Pepe announces $1.9M sale of Brooklyn, N.Y., property at over asking price
New York—NC Pepe Corp. announced the sale of 227 Leonard Street, in the Williamsburg neighborhood of Brooklyn, N.Y. for $1.9 million.
“It’s significant because of what the property is selling for and the type of property of being sold—which is legally a two-bedroom apartment over a warehouse property. For the area, it’s a enormous record selling price and it was an all cash transaction,” says Chris Pepe, president and lead broker of NC Pepe Corp.
Listed at $1.899 million the actual sale price is over asking at $1.970 million—almost double the COMP value. The price translates to $985 per square foot on the existing property square footage and $457 per square foot buildable. The average price per foot buildable in the area is approximately $275 per foot for this location, according to NC Pepe.
Chris Pepe and three of NC Pepe’s top agents Randy Moore, Jordan Malken and Krystof Kardasz represented the sellers. Tungsten Properties represented the buyer.
Listed at $1.899 million the actual sale price is over asking at $1.970 million—almost double the COMP value. The price translates to $985 per square foot on the existing property square footage and $457 per square foot buildable. The average price per foot buildable in the area is approximately $275 per foot for this location.
