In another bet on the Garden State, an affiliate of Cammeby’s International picked up a 120-unit multifamily building for $20.5 million in Linden this week. The seller was an LLC associated with accounting firm Citrin Cooperman and New York landowner, the late Charles Dimston.
Kislak Company senior vice president Jeff Squires, who arranged the New Jersey deal, said the building at 315-441 Academy Terrace closed at a sub-4-percent cap rate, an indication of the property’s “tremendous demand.” Kislak marketed the 1950s-era property exclusively and Cammeby’s closed within 30 days of signing.
Squires said the area, just west of Staten Island, has benefited from an influx of New York City renters. A frenzy for suburban homes has also pushed potential buyers into the New Jersey rental pool, stoking the multifamily market.
In June, Cammeby’s co-signed for one of the largest New Jersey apartment deals in recent memory, The Real Deal reported, purchasing 5,300 units for over $1 billion in a joint venture with Harbor Group.
Akin to Sunnyfield, the properties were at least a half-century old, offering the buyers the opportunity to complete capital improvements, then hike rents to meet demand in the northern and central parts of the state.
Squires said the Linden building, owned and well-maintained by the Dimston family for the past 70 years, offers “massive value-add potential.”