Springside at Robbinsville at 274 Gordon Road in Robbinsville — Courtesy: Veerman Asset Management
By Joshua Burd
A private investor has expanded its affordable housing portfolio in New Jersey, acquiring a combined 61 units across two properties under a deal arranged by Veerman Asset Management.
In a news release, the listing team said the assets include the 38-unit Springside at Robbinsville and a 23-unit community known as Hillside at Montgomery. The deed-restricted properties were completed in 2017 and 2014, respectively, highlighting what the firm said was continued demand for affordable housing investments throughout New Jersey, particularly among specialized buyers seeking stable occupancy and long-term operational upside.
Located at 274 Gordon Road in Robbinsville and 145 Hartwick Drive in Skillman, the communities traded for a combined $6.05 million.
“Affordable housing communities continue to attract strong interest from specialized buyers throughout New Jersey,” said Manveer Sanghera, CEO of Veerman Asset Management. “We are proud to have demonstrated our ability to generate a competitive buyer pool for this asset class and are grateful to both parties involved in the transaction. While deed-restricted communities can require a more hands-on management approach, they often provide stable occupancy and attractive long-term returns, making them compelling investments for the right buyers.”
Sanghera added that the buyer is actively seeking additional affordable housing acquisition opportunities throughout the region.
