Morgan Properties make a trade of their NJ multifamily portfolio for $57.5M
Morgan Properties has completed a 3 property portfolio sale in the US worth $57.5 million. The deal includes one property in Mahwah, NJ, one in Short Hills NJ, and the third in Westwood NY.
THG Properties picked up the portfolio with help from Arbor Commercial Mortgage, which provided a $44.4 million mortgage loan to help fund the acquisition. The loan is backed by Fannie Mae
Thanks to Brad Domenico of Progress Capital and Nat Gambuzza of CBRE, this deal has just closed.
One of the nicest apartment communities in Mahwah NJ is the Rolling Gardens Apartments at footprint 416. With 76 units, ranging from 850 to 1,000 sq ft, this apartment complex is one of the largest there. You can get either a 1 or 2 bedroom option with this property. Check them out on Apartment Finder today!
The 51-unit Short Hills Village Apartments at 80 Woodland Road in Short Hills is the next one on the list. One & two-bedroom units average 803 sq ft and 1,277 sq ft, respectively.
The 48-unit Westview Apartment Homes sits at 27-55 Green Street in Westwood. One & two-bedroom units are available too, though they’re on average smaller than the apartments. The Apartments.com team has put together an informative video about their one – and two-bedroom apartments, which range from a total of 658 to 716 square feet.
Morgan Industries is an active player on the other side of business deals. It’s great to see Morgan continue to do so well and buy a portfolio of 48 multifamily properties across the US for $1.75billion, that was a record-breaking deal in 2 years.