Source: RealtyMogul.com / #Multifamily #Finance
PLAINFIELD, NJ - RealtyMogul.com, one of the leading online marketplaces for real estate investing, announced that it closed an $860,000 equity investment in a 23-unit multifamily property in Plainfield, New Jersey – located just 25 miles outside of New York City. The sponsor for the acquisition is Clairmont Group LLC, a New York based diversified real estate company that is engaged in acquisition, development, management and advisory services.
The property, a 100 percent-occupied apartment building, is located near the commuter hubs of New York City and Newark, New Jersey. It is in close proximity to employment centers and public transportation and is surrounded by numerous multifamily drivers. RealtyMogul.com investors were offered the opportunity to help finance the acquisition by contributing equity capital.
“This property offers in-place cash flow as well as value-added opportunities that will come through renovation,” said Jilliene Helman, CEO of RealtyMogul.com. “The sponsor’s forward-looking approach, coupled with the property’s upside potential, makes this a prime opportunity for our savvy investor base.”
“We are excited to work with RealtyMogul.com as our capital partner and are looking forward to working with them on many deals in the future” said David Lubin, founder and managing partner of Clairmont Group LLC. “Our goal is to identify unique opportunities for our investors that offer capital preservation with attractive risk-adjusted returns and create long-term value through execution and hands on management in a strong New York metro market.”
The sponsor will leverage the investment to implement a renovation and operational improvement plan for the property. The acquisition aligns well with Clairmont Group’s strengths and experience, given its focus on tri-state area Class B multifamily acquisitions and its prior experience in managing similar rehab projects in New York metro area.
“Our investors are clearly demonstrating an appetite for access to high-growth sectors and markets, and we’re proud to deliver such opportunities,” added Helman.