Murnick Property Group  sells New Jersey housing portfolio for $146m

Murnick Property Group sells New Jersey housing portfolio for $146m

Published at: 2019-08-01 16:10 | Author: CIJ USA
Murnick Property Group sold seven workforce housing properties in northern and central New Jersey for a combined $146m. With the exception of one complex built in 1913 all the properties were constructed between 1947 and 1966. The portfolio includes 1,035 units and has seen an average 4.1-percent annual rent increase since 2014. Murnick Property Group has operated and maintained the buildings for more than half a century. CBRE represented the owner and procured the buyer, an undisclosed international investor.

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