NEWTON, NJ — SELA Realty Investments, the Fort Lee based investments and property management company announced its recent acquisition – Landmark West Apartments – A 168 unit class B property located in Newton. The complex offers beautiful scenic views, and is situated on a 13.5 acres in one of the nicest areas in Sussex County.
The purchase price was reported at $18 million with over 97% occupancy at time of acquisition. Tal Steinberg managing partner for SELA Realty Investments said: “we are proud to add this beautiful property to our growing portfolio, this acquisition is a pure value add property where the previous owners, who were the original builders, have had it for 44 years and as a results rents were substantially under market, we are planning to revive this gem by renovate the exterior including resurface the parking lot and roads, renovate the leasing office and all hallways and add amenities for the residents. We want to position ourselves as the most pleasant community in the area with affordable rent prices and we believe that with some improvements we can achieve a much higher NOI.