22A — August 2023 — Thriving Under 40 — M id A tlantic Real Estate Journal
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T hriving U nder 40 M id A tlAntic Real Estate Journal — Owners, Developers & Managers — January 2023 — 5C
O wners , D evelOpers & M anagers
consists of 211 apartments spread over five buildings in Hudson County, NJ n Asset Management's Sanghera arranges tifamily portfolio sale totaling +$70 Million Manveer Sanghera, Veerman Asset Management “Don’t worry about the results right now, just make sure you are absorbing the process”
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 com- pleted within a short time span of one another between December and January. The buyers were drawn to hat is your great- est professional accomplishment? Starting Veerman Asset Management in 2022 and closing $106 million in sales volume in the inaugural year. What is your most notable project, deal or transaction? The Hudson County Port- folio, which consisted of 211 units sold over 5 properties for a total sales volume of $71,000,000. This deal took over a year to complete and survived the interest rate surge of 2022. How do you contribute to W
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 Manage- ment completed $107 million of dispositions over 314 units for their clients in their inau- gural year. This comes to an your company and / or the industry? Veerman Asset Manage- ment takes on a more fidu - ciary-type role in the com- mercial real estate industry.
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average sales price of over $340,000 per unit. Veerman Asset Manage- ment, LLC specializes in the financial management of multifamily real estate as- sets in the Greater-New Jer- sey area. We advise profes- sional real estate owners on their purchases, financing, leasing, as well as planning for taxes and future disposi- tions or interest-transfers. We help owners create ef- ficiencies in their operations to create better returns and time management. We leverage our relationships We analyze all clients’ options and will always communicate to them the best professional advice on what their next steps should be. Who or what has been the
with highly accredited ven- dors and advisors to be an all-inclusive asset manage- ment firm for our clients. As the rules and advan- tages 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 multi- family ownership rules and regulations. We look forward to working with you and showcasing our acute atten- tion to professionalism and execution. MAREJ strongest influence in your career? My love for finance was something I found later in my career while taking my courses to become a Certified Financial Planner. The educa- tion I gained from that course veered me into commercial real estate, where I try and use those same practices in the CRE industry. Tell us how and when you began your career in the profession you are in, about your current posi- tion and why you chose the field/profession you
are in today? After managing hotels and restaurants for nearly 10 years, I began as a residen- tial real estate agent with Century 21 in 2013. I began taking courses in Financial Planning in 2015, and real- ized shortly thereafter my passion for finance could not be met in the residential field. I made the leap into Commer- cial Real Estate where I was with Marcus & Millichap for almost 3 years. In 2018 I was recruited by CBRE to head the Hudson County multifamily market. After 3 great years with CBRE, COVID led me to make crucial personal deci- sions for my future. I decided to open up Veerman Asset Management in 2022, where I sold over $106 million in real estate in Year 1, including over $100 million in Hudson County alone. What unique qualities and or personality do you feel makes you most suc- cessful in your profession? My “yearn to learn” is un- matched. I am constantly taking courses on macro and micro economic factors that affect commercial real estate. This knowledge, and ability to relate these factors to CRE, is what I feel makes me most successful in my profession. What was the most defin - ing moment for you? Closing my first deal under my own company’s name in January of 2021. This was a 36-unit multifamily property which closed for $10,000,000. What inspiring word of advice would you give to a young executive graduat- ing from college today? Don’t worry about the re- sults right now, just make sure you are absorbing the process. MAREJ Few of my Favorite Things: College: Penn State University Book
Manveer Sanghera CEO Years with company/firm: 2 Years in field: 8 Years in real estate industry: 11
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