M id A tlantic Real Estate Journal — The Best of 2020 — March 19 - April 15, 2021 — 9C
The LARGEST MULTIFAMILY ACQUISITION of 2020
Progress Capital Essex County Multifamily Portfolio Essex County (East Orange & Irvington, NJ)
Alpha Realty 8-Building MLK Portfolio Newark, NJ
Size: 251,000 s/f Broker: Lev Mavashev
In a complex off-market transaction, Alpha Realty’s Managing Principal Lev Mavashev negotiated the $22 million sale of a 255-unit, eight-building apartment portfolio in Newark, NJ, to a NJ-based multifamily operator. Seven properties are situated along downtown’s prominent Dr. Martin Luther King Jr. Boulevard and one is on nearby Quitman Street. Mavashev represented both parties: the Brooklyn-based seller that was liquidating its NJ holdings, and secured the buyer, which had extensive experience with the local housing agencies. Additionally, Alpha Realty’s Alex Onishchenko arranged an $18.5 million bridge loan to finance the acquisition.
Broker: Brad Domenico of Progress Capital Brad Domenico proved he works well under pressure by pulling off a New Year’s Eve closing for Granit Gjonbalaj, Managing Partner of Spaxel to purchase 24 properties totaling 701 units in East Orange and Irvington, NJ. Anumber of challenges (24 separate buildings in two different cities, 60 day close from contract execution and must close by year-end) made this a momentous undertaking which required many teams to come together. Marcus & Millichap represented both Buyer and Seller in the sale, which took place at the stroke of midnight. According to Marcus & Millichap, the sale price of $92.5MM makes this one of the largest 2020 New Jersey Multifamily sales.
The BEST MULTIFAMILY PROJECT of 2020 GGA Construction 2000 Pennsylvania Avenue Wilmington, DE IMC Construction Signature Place atMount Laurel Mount Laurel, NJ Larken Associates Autumn Ridge Lopatcong, NJ
Size: 26 acres, 198 units spanning 11 buildings Featuring a combination of 198 market-rate and affordable apartments across ten buildings and one standalone 55+ building, Autumn Ridge is a luxury multifamily community that brings a unique, multigenerational residential concept to Warren County. Luxurious in-suite amenities include high-end finishes and fixtures, in-unit laundry and gourmet kitchens. The community features the latest in-demand amenities including two outdoor heated pools and lounges, a game room, two onsite fitness centers, sensory-sensitive playground, pet washing station, bark park and walking/ biking trails. The community amenities also boast the latest technological innovations including app-enabled speakers and Smart TVs, package concierge system, and streamable fitness classes.
Size: 376,000 s/f 2000 Pennsylvania Avenue is a mixed-use building featur - ing luxury design, amenities, and services. Located near Wilmingtonʼs business district, apartments are available in size from 400 s/f to 1,575 s/f for rooftop penthouses. Building amenities include a rooftop deck, fitness center, yoga room, swimming pool, fire pits, grilling stations, dining areas, out - door terraces, club lounge with a bar, billiards, kitchen area, a cybercafe, a pet washroom, bike storage, storage lockers, media space, conference rooms, small business center, and full building wireless. To accommodate guests, the building offers 2 levels of underground parking, plus one level of surface parking.
Size: 686,000 s/f Signature Place is a new 492-unit community built on a tree-lined 50-acre wooded parcel. This ground-up apartment complex features 492 units in 21 separate three-story, garden- style buildings. The project also includes 13 garage structures, a 7,100 s/f clubhouse, a recycling center, maintenance building, and extensive site work. Outdoor amenities including a resort swimming pool, sport court, putting green, dog park, fountain, courtyard with lawn games, and on-site walking trails.
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