1 West Dickerson Ave. in Dover — Courtesy: Berkadia
By Joshua Burd
An investment group has sold a 214-unit luxury apartment building in Dover for $75 million, marking the second trade of the property since late 2020.
According to Berkadia, which brokered the sale, the complex at 1 West Dickerson Ave. drew broad interest thanks in part to its 30-year tax abatement and the substantial rent growth recently seen in the town. The building is also adjacent to NJ Transit’s Dover station, with amenities such as a gym, a basketball court, a lounge and garage parking.
Berkadia’s Nat Gambuzza, Spencer Beriont, Trevor Fiebel, Brian Antognini, Tim Blashford and Michael O’Reilly represented the seller and procured the buyer, according to a post by Traded. They said the $375-per-unit sale price is a record for Dover, adding that the transaction value was 40 percent higher than the last time the property sold, in 2020.
The brokers did not disclose the name of either party, but public records show a Tinton Falls-based entity, SWE Dover LP/SWE Midcity LP, as the current owner. The seller, Dover Transit Urban Renewal LLC, is an affiliate of Cedarhurst, New York-based SYM Investments, which lists the property as part of its portfolio highlights.
Built by Capodagli Property Co., the complex opened its doors in 2020 as Meridia Transit Plaza. The project by the Linden-based developer replaced three surface lots, offering a mix of one- and two-bedroom homes with street-level retail space.
In late 2020, an affiliate listed as Meridia Transit Plaza Urban Renewal sold the complex for $53 million.
