Veerman Asset Management arranges New Jersey multifamily portfolio sale totaling +$70 Million
A prominent New York City based real estate group has sold their New Jersey multifamily portfolio for slightly over $70 million, in a deal arranged by CEO Manveer Sanghera of Veerman Asset Management.
The portfolio consisted of 211 apartments spread over Five buildings, all within Hudson County. Three of the properties are located in West New York, One in Guttenberg, and the largest asset being in the highly-demanded Jersey City market. It was exclusively marketed by Veerman Asset Management for the sellers, Tenth Avenue Holdings.
The portfolio closed over three separate closings with two different buyers, namely, SYM Investment Group and Tuli Realty. Both purchasing groups were procured by Sanghera.
“This deal took over a year to coordinate and close. It was true asset management, as my firm was able to assist with the leasing of the property prior to marketing. Through my due diligence of the holdings, we uncovered large amounts of assumable debt. We, then, marketed and executed on three closings with two separate buyers amidst the most turmoil interest rate market we have seen in forty years.”
The buildings all consisted of large units, high-end finishes and premium appliance packages, in-unit washers and dryers and on-site parking spaces. They also consisted of optimum amenity areas and rooftop lounge spaces that tenants look for when searching for their next rental unit.
The portfolio consisted of:
1) 280 Fairmount Avenue, Jersey City, NJ: 59 units built in 2019
2) 422 68th Street, Guttenberg, NJ: 36 units built in 2012
3) 320 53rd Street, West New York, NJ: 28 units built in 2018
4) 321 54th Street, West New York, NJ: 52 units built in 2018
5) 6008 Hudson Avenue, West New York, NJ: 36 units built in 2010
“As interest rates began to push up, the deal was in jeopardy of being terminated numerous times. I was able to secure a local buyer for one of the assets within 24 hours of it being broken out of the portfolio purchase. This enabled the sellers and I to coordinate multiple closings which were all completed within a short time span of one another between December and January. The buyers were drawn to the deals due to their rental upside and little need for capital improvements. With the surge of rental rates in Hudson County, these multifamily assets can be a safe investment vehicle that also provide a strong upside potential. These post-2000 construction multifamily deals were something my firm was able specialize in selling for clients in 2022.”
Veerman Asset Management completed $107 million of dispositions over 314 units for their clients in their inaugural year. This comes to an average sales price of over $340,000 per unit.
Veerman Asset Management, LLC specializes in the financial management of multifamily real estate assets in the Greater-New Jersey area. We advise professional real estate owners on their purchases, financing, leasing, as well as planning for taxes and future dispositions or interest-transfers. We help owners create efficiencies in their operations to create better returns and time management. We leverage our relationships with highly accredited vendors and advisors to be an all-inclusive asset management firm for our clients. As the rules and advantages for investment real estate ownership continue to be the topic of increased scrutiny and compression, it is imperative to have an advisor that is evolving with the new generation of multifamily ownership rules and regulations. We look forward to working with you and showcasing our acute attention to professionalism and execution.