Jersey City, NJ, November 12, 2011 --(PR.com
)-- SMJ Property Group, a family owned and operated New Jersey real estate investment company has announced the purchase of three separate apartment properties totaling 28 units in the Heights section of Jersey City according to Steven Porada, head of acquisitions at the company.
The first building located on South Street is an 8 unit building featuring all one bedroom apartments and commanded a purchase price of $434,000.
The second building, located on Sherman Avenue also has 8 units, all one bedroom apartments, and commanded a purchase price of $449,000.
The third building, located on Hutton Street has 12 units, has all 2 bedroom apartments and commanded a purchase price of $687,000.
All three properties were purchased from the same owner who is a private real estate investor.
Investment specialist Steven Porada, assisted by brothers Michael Porada and Jonathan Porada, headed the transaction.
"It was a great transaction for both buyer and seller. The seller benefited from the ease and convenience of a single buyer for all three properties. We as the buyers were able to simultaneously close these three transactions, efficiently adding these properties to our portfolio," says Michael Porada.
The three mortgages were originated from the NJ branch of a New York based community bank at a rate of 5.25%, fixed for 5 years and amortized over 30.
This transaction brings SMJ Property Group to its fifth Jersey City acquisition and their sixth acquisition in Hudson County for 2011.
"We have a few closings pending, one similar to this one in which we are purchasing a four building portfolio from a single owner in Harrison, NJ. In addition to that, we have more deals in the pipeline that we are confident will be closed on before the years end. Investors entertaining the idea of selling their Hudson County multi-family properties are encouraged to contact us," added Steven Porada.
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.