WESTWOOD, NJ – HFF has closed the $56.5 million sale of a four-property, 276-unit multi-housing portfolio owned by Hartz Mountain Industries in Westwood and River Vale in Bergen County, NJ. Kushner Companies purchased the properties.
The fully stabilized portfolio includes one- and two-bedroom units averaging 798 square feet.
Individual property details are listed below:
| Property Name | Address | Size |
| Coventry Square | 20-46 Charles Street; Westwood, NJ | 103 Units |
| Stanford Place | 500 Center Avenue; Westwood, NJ | 71 Units |
| The Madison | 99 Madison Avenue; Westwood, NJ | 56 Units |
| Village on the Green | 229 Collignon Way; River Vale, NJ | 46 Units |
The HFF investment sales team representing the seller was led by senior managing directors José Cruz and Andrew Scandalios, managing directors Kevin O'Hearn and Jeffrey Julien and associate director Michael Oliver.
“An opportunity to acquire a multi-housing portfolio in northern Bergen County, NJ is a rare occurrence,” says Cruz. “As a result, the buyer pool aggressively chased the asset and the process produced more than 12 bidders.”
“The properties were among the first residential communities that we acquired when we decided to add multi-housing into our portfolio,” says Emanuel Stern, COO and president for Hartz Mountain Industries. “We've been really happy with these properties and we know Kushner will be as well.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
