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SELA Properties purchases 2 apartment complexes totaling 99 units last month

PropertyMay 10, 2013

SELA Properties, a Fort Lee based investment and management company announced last Friday its two recent purchases totaling 99 units: 30 Unit building in West New York and a 69 Unit apartment complex in South Jersey. Broadway Apartments, the 30 unit building in West New York was purchased for $2.6 million at a 7% cap rate with many upsides, as per Tal Steinberg, managing partner at SELA Properties: “We plan on doing some upgrades to the building including adding storage units, renewing the laundry area, renovating a few apartments. We are also starting a full water conservation process that should lead to a drastic decrease in water consumption, as well as switching the heating type from Oil to Gas”.