Brokers from the Livingston, NJ-based Gebroe-Hammer Associates orchestrated the transaction for the high-profile property. Managing director Ken Uranowitz, VP Greg Pine and sales associate Steven Follman represented seller Hekemian & Co., a locally based company that is a major owner of multifamily, retail and mixed-use properties in Northern New Jersey and elsewhere in a portfolio valued in the $1-billion range. The trio of brokers also procured the unidentified buyer, which was described only as a private New Jersey-based investment group.

"The Carlyle is at the center of Hackensack's best residential neighborhood," says Uranowitz, noting that its 380 Prospect Ave. location is surrounded by a mix of single-family, mid-rise and high-rise residential buildings, commercial offices and the well-known Hackensack University Medical Center and related medical offices.

According to Gebroe-Hammer's market stats, residential occupancy rates for the area overall top the 98% mark, providing "a major lure for investors looking to enhance their net operating income through rent appreciation," Uranowitz says. "It's rare that a property of this caliber comes to market in Bergen County, where multifamily housing product is being acquired at an unprecedented rate. The sale coincides with a market inundated by both seasoned and first-time investors at a time when the supply of multifamily housing product in all class categories is extremely limited."