The properties involved in the transaction include the 304-unit Chatham Hills Gardens in Chatham and the 134-unit Northwood Apartments in North Plainfield, both two-story garden apartment complexes, and two mid-rise buildings in Jersey City totaling 94 units. The sale price factors out to about $119,000 per unit overall.
"The sale was structured to include the outright purchase of two buildings, the assumption of below-market financing on two buildings and the use of special REIT shares to defer capital gains taxes due," according to Jonas. "Once the contract was completed, the closing took place in 30 days."
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