The sale price equates to $136,750 price per unit; $200 per square foot; and a 4.8% capitalization rate.
The boutique firm was founded in 2016.
The properties comprise 656 units.
HGI purchased the property in 2017 for $158.5 million and upon acquisition invested an additional $2.65 million in interior maintenance and upgrades.
Phase I of the project was completed in 2020 and experienced rapid leasing velocity through the pandemic and is currently 99% occupied. Phase II is under construction and scheduled for completion in 2022. Upon completion, the project will total 401 units.
The sale price breaks down to $166,000 per door.
The project will include 1,300 apartments, office and retail, and possibly a hotel.
JLL worked on behalf the seller, Iron River Management on behalf of CF Partners Ltd., to complete the sale to the buyer, Keasbey, NJ-based Landmark Companies.
The buyer is planning a multifamilyn development.
The newest team member will help as part of Berger’s investment sales, land brokerage and acquisitions and dispositions services for both corporate clients and private investors.
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