ROCHELLE PARK, NJ-A 32-unit apartment complex here traded for 7.65 million, reports Gebroe-Hammer Associates, which managed the transaction.
The two-building garden apartment complex at 47-53 Central Avenue, built in 2006, represented a relatively rare trade of multi-family property right now in Bergen County.
“The opportunity to add a newly constructed, well-located garden-apartment complex to an investment portfolio was just too good to pass up,” Debbie Pomerantz of G-H's investment team for the transaction tells GlobeSt.com. She did not identify the buyer.
A four-bedroom, 1,900-square-foot home and 66-space on-site parking lot also were included in the sale.
“Amenity-filled properties, in prime locations, rarely come to market in BergenCounty, so when they do, they garner tremendous attention – and aggressive pricing,” Pomerantz said.
Other members of the G-H team that handled the deal are Joseph Brecher and Greg Pine.
Northeastern Bergen County is one of the most densely populated sections of the state. It also has 12 municipalities ranked among the most expensive places to live in America.
“Despite the high cost of living, the county's proximity to New York City andvast transportation network make it a residential destination of choice among today's renters,” said Brecher, who noted the complex is 98% occupied.
The units have individual HVAC units, hardwood floors and full-sized washer and dryers. G-H pegs average market rents for the area at $1,550 for a one-bedroom unit, ranging up to $1,950 for three-bedroom units.
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