Market: Bergen County, NJ
Type: Multifamily, 100 Units
The asset includes 104 class-A multifamily units located in Bergen County, NJ. C6 sourced the property through the fire sprinkler vendor on-site. After 18-months of negotiations, the property was acquired vacant from the original builder in June 2017.
C6 capitalized the investment through a joint venture structure with an institutional quality private equity real estate fund. C6 handles all aspects of execution including asset management and overseeing all aspects of property management and lease-up.
C6 has largely de-risked the transaction with stabilization expected in early 2018, the property is expected to generate returns of approximately 18% IRR and a 1.8x multiple to investors.