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Atlantic City Apartments Trade in Distress Auction
Rosewood Realty Group arranged the sale of two contiguous buildings consisting of 24 apartments in Atlantic City for $1.725 million.
Greg Corbin and Felix Ades of New York City-based Rosewood Realty Group represented the sellers, Morad and Mousa Yeroushalmi, and the buyer, Uri Jacobson. The property at 108-110 S. Lincoln Pl. sold in a highly competitive market auction run by Rosewood Realty’s Distress Department.
Built in 1920, the 18,000-square-foot building sold at a cap rate of 5% and $71,875 per unit or $96 per square foot and eight times the current rent roll.
“The in-place rents are very below market value, which the new owner can step in and leverage to his advantage,” said Ades. “The properties are also located in a highly desirable location of Atlantic City, being right next to Stockton University and on a beach block.”
- ◦Sale/Acquisition
