Exclusive: Cammeby’s International Widens Garden State Multifamily Footprint
This article appeared in the CoStar Daily Brief dated 9/11/2019
One of New York City’s biggest apartment landlords has acquired a portfolio of three multifamily properties with roughly 1,100 units in Essex County, New Jersey, for $173.3 million.
Cammeby’s International Group, based in Manhattan, according to public documents has purchased three apartment complexes: Forest Hill Apartments, located at 115 Davey St., in Bloomfield; Franklin Manor, located at 70C Fremont St., in Bloomfield; and Nutley Gardens, located at 181 Hancox Ave., in Nutley. The real estate firm acquired the buildings from Nutley Properties Rental of Manhattan.
Officials at Cammeby’s and Nutley didn’t return requests for comment.
In June, New York lawmakers passed a package of bills that overhauled the state’s rent regulation system with the aim of broadening protections for tenants. That legislation prompted predictions it would spark real estate investors to spend their money on apartment buildings outside of the Empire State such as those across the Hudson River in New Jersey.
Cammeby’s, founded in 1967 by real estate mogul Rubin “Ruby” Schron, is an apartment owner powerhouse in the Big Apple. The closely held and low-profile company’s overall portfolio covers various real estate sectors — not only multifamily but industrial, flex and office — and spans not only New York but states such as New Jersey, Connecticut, Colorado, California, Maryland, Michigan, Nevada, North Carolina, Texas and Pennsylvania.
In New York City, Cammeby’s apartment building holdings are concentrated in Brooklyn, the Bronx and Queens, according to CoStar data. Schron was part of a group that purchased roughly 6,000 apartments in the outer boroughs in 2003 from the Trump Organization for roughly $706 million.
Cammeby’s New Jersey portfolio includes multifamily properties in towns such as Wayne, Perth Amboy, Old Bridge, Ewing, Elizabeth, Piscataway, Lakewood, Tuckerton and Bound Brook, according to CoStar. And its Garden State holdings also include various industrial and flex properties in municipalities such as Hamilton and Wood-Ridge.
Forest Hill Apartments was the largest building in the recently acquired portfolio, with roughly 300,000 square feet and 816 units. It sold for $130.7 million, according to public documents. Nutley Gardens, at 141,500 square feet and 200 units, sold for $30.7 million. And Franklin Manor, at 79,100 square feet and 85 units, sold for $11.9 million.