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117 Parkview Ave. in Weehawken — Courtesy: Veerman Asset Management
By Joshua Burd
A private investor has sold a 26-unit apartment building in Weehawken for $5.2 million, in a newly announced deal by Veerman Asset Management.
Manveer Sanghera, the CEO of the real estate services firm, represented an undisclosed seller in the trade of 117 Parkview Ave. in Weehawken. The collection of one- and two-bedroom homes sold for a price that equates to $200,000 per unit and a 5.3 percent capitalization rate, he said, adding that the building has an upside in rents of more than 50 percent.
Sanghera also procured the buyer.
“While the interest rate environment has been the discussion of the past year, there are still traditional investors looking to capture properties that would normally not be on the market,” he said. “This property’s location, and rental upside, intrigued numerous investors enough to make offers.
“We received six offers on this property, and I was able to obtain a pre-COVID-level price point for my seller. The long-term upside of this property makes a great case for the cap rate and price per unit that the purchaser paid for it. The seller was able to liquidate his asset, even in this volatile market, and move forward with his retirement plans.”
Veerman Asset Management has closed on more than $65 million in multifamily deals in 2023, with another $20 million currently under agreement.
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