
Universe Holdings Makes East Coast Debut with NJ Townhome Deal
Universe Holdings has made its first East Coast investment with the $60-million acquisition of Mariners Cove, a 226-unit townhome community in Toms River, NJ. The acquisition coincides with the opening of the firm’s New York office under the direction of Aaron Manoucheri.
Los Angeles-based Universe plans to acquire several thousand multifamily units on the East Coast over the next 24-36 months.“We are looking to buy large suburban value-add and core-plus assets and portfolios with a few hundred units or more in order to build scale in a relatively short period of time,” said Manoucheri.
He continued, “The ability to enter the market with the acquisition of an irreplaceable low-density, bay-front community such as Mariner’s Cove is quite an accomplishment for us and signals our intention to build an East Coast portfolio on par with our holdings in Southern California.”
CBRE’s Spencer Yablon represented both Universe and the seller.
- ◦Sale/Acquisition