SELA acquires a 106 unit complex for $24 million in NJ
Mount Arlington, NJ — SELA Realty Investments, The Fort Lee based Real Estate Investment and Management Company had announced its recent acquisition – a 106 unit complex for 55+ in Mount Arlington.
Tal Steinberg, managing member for SELA said: “We are pleased to add this beautiful building to our portfolio. It was built approx 12 years ago, and the builder spared no expense with the level of quality and the amenities. The tenancy is really amazing and it was run smoothly by the previous owner however we are planning to add some activities and amenities to the senior community in order to raise resident satisfaction and increase occupancy levels that had been down these past couple of years”
Steinberg also said: “The elderly population in the United States will experience a considerable growth in the next couple of years; this will lead to more demand for 55+communities and should help us raise occupancy levels and rent increase in the long run.
Adam Zweibel and Steve Tragash of Gebroe-Hammer Associates represented both the seller and buyer in the transaction.
“Adam and Steve did a great job bringing this deal to my attention and helping me along the way with all the issues we have had” says Mr. Steinberg.
The building offers amenities such as elevators, Gym, Pool, Putting green, Pool table, In unit washer and dryer, club House, Personal storage units and more. The occupancy at the time of purchase was at 90%.