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SELA Realty completes $7.65m purchase of a 110 unit complex

PropertyMay 16, 2014

MERCHANTVILLE, NJ – SELA Realty Investments, a real estate investment and management company located in Fort Lee, NJ has announced its recent acquisition – Mapleview Apartments, a 110 unit garden apartment community. The purchase price recorded was 7.65M which represent a 7.3% Cap rate. Tal Steinberg, managing partner for SELA says “this acquisition is another step in our southern direction, we are planning to buy more in South Jersey. We like the proximity to Philadelphia and we believe in the area.” The occupancy at the time of purchase was reported at 97%. The complex is surrounded by a park like setting in the heart of Merchantville. Matt Weilheimer from Kislak was the listing broker and Joseph Keenan from Kislak represented SELA in the transaction. Financing was assumed through Berkadia.