The unnamed Asian investor will contribute approximately $108 million for a 39% equity interest in the joint venture and ILPT will own the remaining 61% equity interest in the joint venture.
The agency estimates the tax credit awards will generate approximately $230 million in private equity that will create about 1,200 affordable rental apartments in the Garden State.
Demand and price growth in satellite cities could actually outpace that of the core cities, according to Zumper, which identified major metros that retained popularity last year and what satellite cities stole the spotlight.
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