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Camber Makes First New Jersey Acquisition
Camber Property Group has purchased the nine-building Salem Lafayette Apartment portfolio in Jersey City’s Bergen-Lafayette neighborhood for $21.5 million. It’s the Manhattan-based firm’s first acquisition in New Jersey.
The 74-unit, 100% project-based Section 8 portfolio includes 21, 25, 27, 31 and 33 Monticello Ave.; 4 and 8 Madison Ave.; and 834 and 838 Grand St. It’s within walking distance to supermarkets, schools, pharmacies, restaurants, religious institutions, and many other community attractions and neighborhood amenities.
“Affordable housing is in critical demand in Jersey City and across northern New Jersey, and we look forward to bringing our innovative, hands-on approach to development and ownership to bear in this new market,” said Rick Gropper, principal of Camber Property Group.
The capital stack of the transaction consists of debt financing for the project originated by Walker & Dunlop on behalf of Fannie Mae, together with a sizable equity investment.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
