Reliance Global Group Inc. has signed a letter of intent to acquire a property in Lakewood.
The real estate and insurance brokerage holding company said it plans to acquire the Class A, multifamily property for $42.5 million.
The building, which has approximately 260 apartment units and is currently 97% leased, is under construction with completion slated for 2020. All of the completed units have been pre-leased, Reliance said.
The company also said its affiliated privately-owned entity, Reliance Global Holdings LLC, has transferred $250,000 to RELI to be used as the initial down payment.
“We are excited to announce the planned acquisition of this premier property. This acquisition is consistent with our strategy of acquiring undervalued properties with sustainable cash flows in attractive markets. The property is ideally located in an area experiencing strong job growth. This is reinforced by the 97% occupancy rate in the first phase of the project, as well as the fact that the second phase is already 40% leased and over 100% pre leased upon completion of construction. We look forward to providing further updates as the project progresses,” Ezra Beyman, CEO of Reliance Global Group, said.