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January 31, 2018  

Upside Touted for NJ Apartments

A fully occupied apartment building in Northern New Jersey is being marketed to core-plus and value-added investors.The 161-unit Heritage at Lyndhurst, at 601 Riverside Avenue in Lyndhurst, is expected to attract bids of $45 million, or $280,000/unit. At that price, the buyer’s initial annual yield would be 5.5% to 6%. JLL is representing the owners, Ares Management of Los Angeles and Priderock Capital of West Palm Beach,...

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