West Orange, NJ — SELA Realty Investments, the Fort Lee based investments and property management company announced its recent acquisition of Crest Ridge Apartments, 178 unit class A property located in West Orange. The complex offers beautiful Manhattan skyline views, Pool and many more amenities, and is located in one of the nicest areas in Essex County.
At 5.4% going in cap rate the purchase price was $40.5 million with over 98% occupancy at time of acquisition. Tal Steinberg managing partner for SELA Realty Investments said: “We are extremely proud to add the Crest Ridge to our growing portfolio; the previous owners, who were the original builders, spared no money building it and maintaining it over the years in such a great shape. They held it for 50 years and we intend to hold it for 50 more. The property offers great upside potential to our investors with renovating units, improving the pool area, adding a gym and gradually increasing rents over the years which are now under market” Adam Zweibel and Greg Pine both from Gebroe Hammer represented both the sellers and buyers. “Adam and Greg both did an amazing job bringing this deal to my attention and handling all the obstacles along the way” said Steinberg.