RCA in the commercial property press:

Current Multifamily Owners Encouraged to Hold Assets on Future Rental Demand

Crain's New York Business reports: It was recently announced that JP Morgan Chase & Co has acquired the Liberty Towers luxury rental complex in Jersey City, NJ for $300 million. Originally completed in 2004 for around $100 million, the recent sale represents a near-tripling in value despite the falloff in broader property pricing. The 650-unit complex has Hudson River views and is well-located for Manhattan access.

Of the sale, Real Capital Analytics’ managing director Dan Fasulo commented that he was surprised that co-owner/developers Fisher Development Associates and Northwestern Mutual Life chose to sell the property. With few new multifamily projects coming online in recent years, current owners of apartment properties in the nation’s leading markets are set to several strong years of rental demand, and thus, income as well.

Articles related to this topic:

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Posted by: Nina Turner

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