He added, “on a relative basis, there has been very little new construction over the past five years, while population and demand have both grown. We are very focused on infill locations and properties that we can improve through investing in upgrades and by managing them more efficiently.”

Jamie and Matthew Weiss brokered this transaction on behalf of sellers Herbert Klein and Hekemian & Co. In a statement, Weiss says the company's close relationship with the Klein family and the local Bergen County area market played an important role in the completion of the deal. "This is the highest price on record we are aware of for a garden apartment complex in Bergen County and speaks volumes for the property owners, Hekemian & Co. and Herbert Klein, recognized leaders in apartment rental property ownership and management," he says. "Multifamily vacancies are in the low single-digit range and rent growth is rising providing a perfect selling opportunity for our client and we were able to work out a successful deal with Kushner."