SELA Realty Investments acquires Crest Ridge in West Orange for $40.5 million

WEST ORANGE, NJ — SELA Realty Investments, the Fort Lee based investments and property management company announced its recent acquisition of Crest Ridge Apartments, A 178 unit class A apartment complex located in West Orange, NJ

The complex offers beautiful Manhattan skyline views, Pool and many more amenities, and is located in one of the nicest areas in Essex County. At 5.4% going in cap rate the purchase price was $40.5 million with over 98% occupancy at time of acquisition. Tal Steinberg managing partner for SELA Realty Investments said: “We are extremely proud to add the Crest Ridge to our growing portfolio; the previous owners, who were the original builders, spared no money building it and maintaining it over the years in such a great shape. They held Crest Ridge Apartments it for 50 years and we intend to hold it for 50 more.

SELA acquires a 106 unit complex for $24 million in NJ

MOUNT ARLINGTON, NJ — SELA Realty Investments, The Fort Lee based Real Estate investment and Management Company had announced its recent acquisition – a 106 unit complex for 55+ in Mount Arlington, NJ. Tal Steinberg, managing member for SELA said: “We are pleased to add this beautiful building to our portfolio. It was built approx 12 years ago, and the builder spared no expense with the level of quality and the amenities. The tenancy is really amazing and it was run smoothly by the previous owner however we are planning to add some activities and amenities to the senior community in order to raise resident satisfaction and increase occupancy levels that had been down these past couple of years”

Nicholas Nicolaou and Adam Zweibel of Gebroe Hammer represented both parties SELA Realty acquires 42 Park Ave. in Bloomfield, NJ for $3.05 million

BLOOMFIELD, NJ — SELA Realty Investments, the real estate investment and management company located in Fort Lee, NJ, announced its recent acquisition of 42 Park Ave. A 22 Unit building located in Bloomfield, NJ. The purchase price of $3,050,000 represents roughly 6% going in cap rate. The building which enjoys a very strong occupancy rates had recently been renovated and updated.
Tal Steinberg, managing partner for SELA said, “We are happy to set foot in Essex County.

SELA Realty Investments acquires a 34- unit complex in Sparta for $4.45 million

SPARTA, NJ — SELA Realty Investments, The Fort Lee based real estate investment and management company had announced last week its recent acquisition – a 34 unit complex for 55+ in Sparta. Tal Steinberg, managing member for SELA said: “We are pleased to add this beautiful building to our portfolio. It was built approx 10 years ago, originally for condominiums, and the builder spared no expense with the level of quality and the amenities. The tenancy is really amazing and it was run smoothly by the previous owner. However we are planning to add some activities to the senior community in order to raise resident satisfaction and increase occupancy levels that had been down these past couple of years.

SELA Realty Investments aquires The Sussex House in Cherry Hill from AIG for $4.1 million

CHERRY HILL, NJ — SELA Realty Investments, a real estate investment and management company located at Fort Lee, NJ has announced its recent acquisition – The Sussex House located at 1001 North Kings Highway, Cherry Hill. The company acquired 59 condominiums out of 77 units from AIG for $4.1 million. The occupancy at the time of sale was 95%. Jason Starkman of Starkman Realty Group represented both the buyer and seller in the transaction. Tal Steinberg, managing partner of SELA said: “The Sussex house is an amazing building. It was built as a condominium building rather
than a rental and it shows.

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

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.

SELA Properties acquires two buildings totaling $4.4 million

JERSEY CITY, NJ — SELA Properties has announced its latest acquisition, two buildings in McGinley Square and Bergen areas totaling 50 apartments and 14 parking spots. The sale price was reported at $4.4 million. “This acquisition aligns with our other investments in the Journal Square area increasing our portfolio to over 100 residential units in this area. We are planning on adding laundry facilities to the buildings, renovating a few apartments and increasing our net income, yielding higher returns for our investors.

SELA Properties acquires a 31 unit bldg. in Jersey City

JERSEY CITY, NJ — SELA Properties, The Fort Lee based real estate investment and management company had announced its recent acquisition, a 31 unit building in Jersey City. The building which is located near McGinley Square features 30 apartments and 1 store sold for $2.1 million. Tal Steinberg, managing member for SELA PROPERTIES said: “The acquisition took a while to close because of an assumption issue. The building might need a little TLC but overall we are thrilled to add it to our portfolio. This should be a great asset to hold for long term.”

SELA Properties purchases 2 apartment complexes totaling 99 units last month

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”.

SELA Properties purchases mixed use property for $825,000

PASSAIC, NJ — SELA Properties announced a purchase in Passaic County. The company recently purchased a 14 unit apartment and a store. SELA is also under contract with the same owner for an additional building on the same street. The purchase price was $825,000 and the buyers were able to obtain seller financing. Anne Abramson of Koval Commercial Properties represented both seller and buyer for these transactions. SELA is currently under contract for more than 100 units this year. They have expanded their acquisitions to all areas of NJ.