Lombardi Residential Closes on 2nd Multifamily Acquisition of 2018

POINT PLEASANT, NJ - Lombardi Residential, a privately held real estate investment and advisory firm, today announced the acquisition of Canal Apartments, a waterfront multifamily community in Point Pleasant, New Jersey. Lombardi Residential plans to implement a capital improvement program to renovate unit interiors, enhance the property’s exterior curb appeal and improve tenant amenities. 

“We are excited to add such a high-quality asset to our growing Jersey Shore portfolio,” said Chris Lombardi, President of Lombardi Residential. “This part of the Jersey Shore and Point Pleasant in particular has very strong demographic and economic fundamentals as more people consider it to be their home year-round rather than just their summer home.”

Lombardi Residential financed the acquisition utilizing a first mortgage loan from Enterprise Bank. “Enterprise has been very aggressive with their loan terms and is a great partner for us on this deal. They understand our investment strategy and were able to customize the loan to make it work.”

About Lombardi Residential, LLC

Lombardi Residential is a New Jersey based firm formed primarily to acquire, renovate, and operate single family and multifamily properties in New Jersey and Pennsylvania.  The firm focuses on value add opportunities in Class A neighborhoods where they can capitalize on their experience in construction and property management to maximize the value of their investments. Lombardi Residential was recently named Small Business Innovator of the Year 2017 by APP Readers’ Choice as well as Best of the Best Builder of the Year 2017. If you have a property for sale or would like information on investment opportunities, contact them at [email protected].