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Class A multi-housing community in North New Jersey trades
Transactions - OCTOBER 11, 2021

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Class A multi-housing community in North New Jersey trades

by Released

Mesirow Institutional Real Estate Direct Investments has sold The Union at Lyndhurst, a 328-unit, class A, mid-rise multi-housing community in Lyndhurst, N.J. Pacific Urban Investors acquired the asset. The sales price was not disclosed.

“The long-term fundamentals of the U.S. residential apartment sector remain attractive as a result of secular shifts in the economy,” said Alasdair Cripps, CEO of Mesirow Institutional Real Estate Direct Investments. “We are pleased with the performance of The Union property within our portfolio since its acquisition in August 2015. Mesirow Institutional Real Estate Direct Investments remains opportunistic as both an acquirer and seller of high-quality multi-housing rental units across the United States.”

The Union comprises studio, one- and two-bedroom units averaging 1,007 square feet. Units offer stainless steel appliances, central heat/AC, nine-foot ceilings, in-unit washer and dryers and patio/balcony. The community

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