New Jersey's SJ Acquisitions on a property buying spree out of state
Dec 15, 2022
Hackensack, New Jersey Dec 14, 2022 (Issuewire.com) - SJ Acquisitions, a Hackensack based real estate investment company founded last year, has been on a property buying spree the last few months picking up seven apartment buildings out of state with Alexander Properties as a partner.
The group has enlisted over 30 investors to renovate existing developments near city centers in Iowa and Alabama, and are welcoming more investors to the team. SJ Acquisitions is currently negotiating contracts on 150 more units with plans to continue growing exponentially in 2023.
Their game plan is to buy out of state properties with great value-add opportunities, renovate the common areas with a focus on security, curb appeal and aesthetics. Give tenants a safe, secure and better living experience, while renovating the apartments to turn a profit.
The seven properties throughout Alabama and Iowa include the following.
- 160 units in 5 properties in Mobile, AL
- 170 units in 2 properties in W Burlington and Davenport, IA
Investments so far include $22 million of purchases and a collective $3.5 million in renovations.
"We made a plan to go out of state at the end of last year and in the last five months, closed 330 apartments in seven properties," said SJ Acquisitions Principal Brian Jaffe.
Their teams specifically looked for properties that offered future renters the following conveniences.
- Locations within 15 mins of an airport and transportation
- 15 or fewer minutes away from shops, hospitals, and basic service centers
- In good, stable condition, but that had a great value add opportunity
- In secondary markets, close to oversaturated and less affordable primary markets
"The idea was conceived in 2021, the search began in 2022, the closing and purchasing began in June 2022. And on 11/30/22, we closed the seventh property," Jaffe said.
About SJ Acquisitions
SJ Acquisitions is a Hackensack, New Jersey based real estate investment company founded in 2021. The group offers decades of development knowledge and industry experience. Having forged lasting relationships with building owners and managers all across New Jersey, they deliver the most dependable and competent services available. For more information, email [email protected].
Source :SJ Acquisitions LLC
This article was originally published by IssueWire. Read the original article here.
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