280 Fairmount Ave. in Jersey City — Courtesy: Veerman Asset Management
By Joshua Burd
An investment firm has sold a five-building, 211-unit apartment portfolio in Hudson County for more than $70 million, in a newly announced deal by Veerman Asset Management.
According to the brokerage team, which represented Tenth Avenue Holdings in the sale, the transaction included properties at 280 Fairmount Ave. in Jersey City, 422 68th St. in Guttenberg and 320 53rd St., 321 54th St. and 6008 Hudson Ave., all in West New York. The portfolio traded over three separate closings with two different buyers, SYM Investment Group and Tuli Realty, both of which were procured by Veerman CEO Manveer Sanghera.
“This deal took over a year to coordinate and close,” Sanghera said. “It was true asset management, as my firm was able to assist with the leasing of the property prior to marketing. Through my due diligence of the holdings, we uncovered large amounts of assumable debt.”
Sanghera, who pointed to the recent market turmoil, said the deal “was in jeopardy of being terminated numerous times” because of fast-rising interest rates. But he secured a local buyer for one of the assets within 24 hours of it being separated from the portfolio purchase, while he and Tenth Avenue coordinated closings for the other properties within a short timeframe.
The portfolio consisted of:
- 59 units at 280 Fairmount Ave., built in 2019
- 36 units at 422 68th St., built in 2012
- 28 units at 320 53rd, built in 2018
- 52 units at 321 54th, built in 2018
- 36 units at 6008 Hudson Ave., built in 2010
“The buyers were drawn to the deals due to their rental upside and little need for capital improvements,” Sanghera said. “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.”
All told, Veerman Asset Management completed $107 million in dispositions over 314 units for clients in its inaugural year. The total translates to an average sales price of more than $340,000 per unit, while the firm recently listed three additional properties with projected sale prices totaling nearly $35 million.
