UNION CITY, NJ - Maya Capital Partners (MCP) announced the acquisition of an 80-unit, Class A luxury residential building in Union City, N.J. for $31 million. The transaction was completed through a joint venture with Harbor Group International (HGI) and an international family office.
The Property, known as the One23 Apartments, was built in 2018 and features high-end finishes and amenities. "This acquisition is consistent with MCP's strategy to increase its holdings of stabilized assets in core markets," stated Samir Mistry, Managing Partner of MCP. MCP is mandated with rapidly increasing the firm's multifamily holdings in major markets across the Northeast, with a focus on the Tri-State area.
Currently 100% leased, the One23 Apartments are ideally situated less than two miles from Manhattan in the heart of rapidly developing Union City, which continues to become an increasingly desirable city for young professionals and families to live due to its proximity to New York City, abundance of retail, dining and nightlife and competitive rents compared to neighboring Hoboken and Jersey City.
Maya Capital Partners is a real estate investment firm based in New York City, which focuses on acquiring undervalued assets in strong markets.
Harbor Group International, including its affiliates, is a private real estate and real estate related investment and management firm, which controls a portfolio of worldwide assets valued at $9.0 billion. The company's real estate holdings include 3.3 million square feet of commercial properties and 32,000 apartment units.