Jersey City, NJ, September 10, 2011 --(PR.com
)-- SMJ Property Group, a family owned and operated New Jersey real estate investment company has announced the purchase of a 9 unit apartment property on Webster Avenue in the Heights section of Jersey City, according to Steven Porada, head of acquisitions at the company.
The asset commanded a purchase price of $565,000.
Investment specialist Steven Porada, assisted by brothers Michael Porada and Jonathan Porada, headed the off-market transaction with the long time local investor. This sale represents the first change of ownership in sixteen years for this property and the second real estate transaction between the buyer and seller.
“We initially met the seller through a mutual friend. He suggested we meet because our properties were located only two blocks from each other. When we met I jokingly suggested he should sell us his building, and a few months later he did. A year later this is our second transaction with him,” says Michael Porada.
The fully occupied property is comprised of nine-one bedroom units, all separate utilities, upgraded heating units, a newer roof and has been impeccably maintained.
“This is the third Hudson County apartment transaction we have closed in 2011 and the second in Jersey City. We prefer Hudson County for its proximity to Manhattan, access to public transportation, diversity, high density, favorable rents and low vacancy rates. We are currently working on acquiring a few more properties in Hudson County before the years end,” added Steven Porada.
Financing was quickly obtained from a local bank at a rate of 5.25%, fixed for 10 years amortized over 30.
Established in 2010, SMJ Property Group focuses on multi-family acquisitions in Hudson County, NJ. Their concentration is on mid-rise apartment properties primarily in the towns of Weehawken, North Bergen, West New York, Union City, Jersey City, Harrison & Kearny.