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365-Unit NJ Development Site Sold for $12M
The New Jersey office of IPRG has closed the $12.5 million sale of 212-230 Culver Avenue, a 1.3-acre site in Jersey City’s West Side neighborhood. Acting as the representative for the seller, an estate that owned Acrilex Inc, and the buyer, a private development group, IPRG facilitated the transaction with a team led by Yanni Marmarou.
The buyer plans to construct a new 365-unit mixed-use development on the site, including 1,550 square feet of commercial retail space, an 184-space parking garage, outdoor terraces, and amenity spaces.
“The property was initially under contract with an experienced development group that had to terminate the contract due to a lack of accessible equity sources to finance the project. However, our team swiftly identified an all-cash buyer during what has been one of the most challenging times to market institutional-grade development sites in the Hudson County market,” said Marmarou. Construction is expected to begin later this year.
- ◦Sale/Acquisition
