For one, the 42-unit, fully occupied Riverside Court in Riverside, NJ has traded for $2.5 million or $59,500 per unit. Located at 429 St. Mihiel Dr. and consisting of three brick buildings in the metro Philadelphia community, the property was sold by long-time owner Riverside Property Holdings. Also involved as brokers were Edward Hovatter of Sherman, Silverstein and Podelasky of Pennsauken, NJ and Jonathan Mel of Rutherford, NJ, representing buyer Norse Holdings.
In the second sale, the 58-unit York Village Apartments in Hanover, PA sold for just less than $2.5 million, or about $43,900 per unit. Consisting of five buildings at 830 W. Alvin St., the property was sold and acquired by New Jersey-based investors, who were not identified. Also involved as brokers were Chris Zentgraf, a sole practitioner from Lansdale, PA and Louis Cambrio of Marcus Brody Ford, Roseland, NJ.
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