West Park Manor apartments, built in 1969 and remained in the same family since built, was sold August 31, 2022 (the closing date). The sale price – $73,468,000 . What does that buy these days?
344 renovated garden apartments on 35.5 acres of land. A per unit (per door) price of $213, 570 .
Taxes in 2022 when assessed at $32,212,000 were $492,700 . Quick math shows per unit taxes were $1432.00 . Which on the surface the per unit property tax just seems low. NOW with the sale of this property at $73,000,000 will there be a comparable rise in property taxes?
And remember – the TENANT by way of rent, pays the property taxes. (Landlord pays ) .
Who bought the property? Commercial real estate data shows the lead buyer (and the address in the local tax data base) as Harbor Group International (West Park Gardens NJ LP) with offices in Norfolk, VA along with Cammeby’s International, with offices in NYC and a mutual fund. Cammeby’s in the past purchased properties from Donald Trump and had a failed bid for the Empire State Building.
The management co is JCM Living.
