LEBANON, NJ–A 150-unit apartment community here has been traded in an off-market transaction arranged by HFF. Presidential Place was acquired by Eagle Rock Multi-Family Property Fund for $38 million - $253,000 per unit.
HFF, which has announced a series of recent large deals in New Jersey – including a $125 million Hoboken apartment building sale - also said Wednesday it had closed the $29 million sale of the leasehold interest at 1 Emerson Lane, a 340,000-square-foot light industrial property in Secaucus, New Jersey.
In the Lebanon apartment deal, Pizzo & Pizzo was the seller of a 95% leased community completed in 2011.
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