Thursday, July 12, 2018

Controversial landlord sells 118 buildings for $327.8M

Adrienne Romero reports for the Jersey Journal:

A real estate management company that has drawn harsh criticism from tenants in Jersey City has sold more than 100 buildings in Hudson County for more than $325 million to four different investors.
The sale of 118 buildings owned by Trendy Management, formerly Riverside Management, was completed in six separate packages. With a total of 2,137 units, the portfolio's official sale price was $327.8 million.
In March 2017 the Clifton-based mega-landlord was hit with more than 100 violations at Jersey City buildings. The company was also hit with dozens of violations in 2015 after residents trying to escape a fire at 500 Garfield Ave. fell through the rotting fire escape.
The buildings in the portfolio are located throughout Jersey City, West New York, North Bergen, Guttenberg, and Union City.
The largest of the six packages involved 67 buildings sold for $190.65 million -- with 993 units in 47 buildings in West New York, 175 units in 12 buildings in Jersey City, 76 units in six buildings in North Bergen and 28 units in two buildings in Guttenberg. This package averaged $150,000 per unit.
Meanwhile, the second largest package averaged a $165,000 per-unit price, selling for $97 million. This included 35 buildings, consisting of 588 units, throughout Jersey City's Journal Square and Heights neighborhoods.

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