Universe Holdings buys NJ townhomes for $60M in national expansion

LA investor aims to acquire “several thousand” East Coast multifamily units in next 3 years

Tri-State /
Jun.June 24, 2021 10:17 AM
Aaron and Henry Manoucheri of Universe Holdings and Mariners Cove in Toms River (Universe Holdings, Google Maps)

Aaron and Henry Manoucheri of Universe Holdings and Mariners Cove in Toms River (Universe Holdings, Google Maps)

A California multifamily investor is making its way to the East Coast.

Los Angeles-based Universe Holdings acquired Mariners Cove, a 226-unit townhome community in Toms River, New Jersey, for $60 million, Real Estate Weekly reported.

The deal coincides with the opening of Universe Holdings’ New York office under the leadership of Aaron Manoucheri, son of CEO Henry Manoucheri.

It’s the first step in a national expansion for the firm, which says it owns and manages about 2,600 multifamily units throughout Southern California. In particular, Universe aims to expand its portfolio to suburban growth markets in Pennsylvania, New Jersey, Delaware and Maryland, the publication reported.

The Mariners Cove acquisition was in the works for more than a year, and the company plans to acquire thousands more multifamily units on the East Coast over the next 24 to 36 months, Aaron Manoucheri said.

“We are looking to buy large suburban value-add and core-plus assets and portfolios with a few hundred units or more in order to build scale in a relatively short period of time,” Manoucheri told REW.

He added that acquiring a low density bayfront community like Mariner’s Cove is part of a strategy to acquire East Coast properties that align with its holdings in Southern California.

The investment firm was represented by Spencer Yablon of CBRE in Philadelphia, REW added.

[REW] — Cordilia James





    Related Articles

    arrow_forward_ios
    A photo illustration of 6 South Oxford Street in Fort Greene (Compass)
    Townhouse set to smash Fort Greene price record
    Townhouse set to smash Fort Greene price record
    Mayor Eric Adams and Extell's Gary Barnett (Photos by Paul Dilakian)
    Real estate’s titans talk building, selling, and reinventing the city
    Real estate’s titans talk building, selling, and reinventing the city
    Ryan Serhant and Bess Freedman (iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Ryan Serhant fires back at Bess Freedman, calls legacy brokerages “scared”
    Ryan Serhant fires back at Bess Freedman, calls legacy brokerages “scared”
    25 North Moore Street (Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Manhattan luxury market slumps back toward normal
    Manhattan luxury market slumps back toward normal
    281 President Street and 1 John Street, Brooklyn (Streeteasy, Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Jumbo Dumbo condo claims top Brooklyn contract
    Jumbo Dumbo condo claims top Brooklyn contract
    Johnson & Johnson's James Burke with 35 Potato Road/543 Daniel’s Lane (Johnson & Johnson, Realtor)
    Sagaponack waterfront estate sells for almost $48M
    Sagaponack waterfront estate sells for almost $48M
    Nest Seekers’ Bianca D’Alessio and Mia Calabrese (Nest Seekers, StreetEasy)
    Brooklyn Heights penthouse breaks rental record
    Brooklyn Heights penthouse breaks rental record
    Competition for Rentals Heats Up in Manhattan, Brooklyn, Queens
    Is Airbnb playing a role in NYC’s skyrocketing rents?
    Is Airbnb playing a role in NYC’s skyrocketing rents?
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...