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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.