Berkadia settled the sale of Aberdeen Arms Apartment Or Condos, a 52-unit, garden-style multifamily property in Elizabeth, NJ. Senior handling director Nat Gambuzza, senior director Trevor Fiebel and director Nick Balancia of Berkadia Morristown led the deal on behalf of the seller, a Central New Jersey-based client who owned the property for more than 20 years.
Aberdeen Arms Apartments sold for $8,775,000 to another New Jersey-based buyer at a per-unit rate of $168,750. The residential or commercial property was 100% occupied at the time of the sale. Berkadia likewise arranged the financing for this purchase with a 15-year self-liquidating loan from a life company. ”
Aberdeen Arms is a tidy, well-cared for and expertly handled home,” stated Gambuzza. “With costs of maintenance and capital expenditures rising, we have seen demand and value attributed by buyers for homes that require less capex.” Aberdeen
Arms Apartment or condos lies at 730-734 N. Broad St., near the North Elizabeth Train Station. The home was built in 1965 and features 10 one-bedroom and 42 two-bedroom apartment or condos. It offers ample surface area parking, a common laundry center and central energies. The purchaser was brought in to the home’s immaculate condition in addition to below-market rents, providing a value-add opportunity.
The post Berkadia Finalizes Sale of Garden-Style Elizabeth Apartments appeared initially on Connect CRE.