Universe Holdings has acquired Mi-Place at West Rancocas, a 108-unit multifamily asset in Mount Holly Township, NJ. It is the first asset of a two-property portfolio that Universe is acquiring from Fernmoor Homes for $93.5 million. The second part of the transaction, which consists of an additional 232 units, is expected to close in early 2025.
Universe continues to expand its portfolio beyond California with a focus on selected markets on the northern east coast and Florida. Earlier this year, Universe made it entry into Florida with its acquisition of a 250-unit multifamily property in Tampa, FL for $66 million. Universe also owns a 226-townhome community in Toms River, NJ on the ocean, approximately one hour from Mi-Place at West Rancocas.
“We have been in the New Jersey market for several years and believe in its stable long-term viability,” said Universe CEO Henry Manoucheri. “We have boots on the ground with my sons in New York, New Jersey, and Florida and our plan is to acquire additional assets that will fortify our position in the market.”
Mi-Place at West Rancocas was completed in 2022. It offers a mix of 48 one-bedroom, 48 two-bedroom and 12 three-bedroom town house apartments. All units feature modern kitchens and bathrooms, in-unit washers and dryers, walk-in closets, and individual balconies. Amenities across both phases include a pool with a clubhouse, a business center, a fitness center, a sundeck, a lounge, a billiard room, a dog park, and on-site parking. The complex has a beautiful park side setting on a major street.
Mount Holly’s combination of a small-town environment, strong school system and cultural and entertainment activities make it an attractive destination for families in the greater Philadelphia metro. Mt. Holly is also a simple commute by car or train to the job hubs of downtown Philadelphia and Trenton. One of the largest U.S. Army and Air Force bases are just 20 minutes away from the Mi Place complex.
Universe assumed a $24.25 million bridge loan from Dwight Capital which will be refinanced into a fixed-rate loan through HUD, soon. Universe initially sourced the deal off market back in 2023 and stayed the course until closing. The Universe team has been quite active in 2023-2024 despite a drastically reduced volume in national transactions.
“We believe that the best time to buy is on weakness while everyone else runs for cover,” Manoucheri said.
Barry Waisbrod of Kislak Realty represented Universe in the transaction while Chez Eider from Marcus & Millichap’s New Jersey office represented the seller.
