JP Management Acquires Prospect West, Luxury Hackensack MF, for $9.35M

Prospect West, Hackensack, NJ

HACKENSACK, NJ—JP Management has acquired Prospect West , a 45-unit mid-rise luxury apartment building in Hackensack, Bergen County, NJ, for $9.35 million in an off-market sale brokered by The Kislak Company . Vice president Barry Waisbrod represented the seller and vice president Jonathan Greenberg represented JP Management . Both the seller and purchaser are longtime Kislak clients. “The market for multifamily properties in New Jersey remains very strong, with demand far outweighing supply,” says Robert Holland , president. “Bergen County is among the strongest submarkets and wealthiest counties in the tri-state area with easy access to New York City and points throughout northern New Jersey. Hackensack is the most populous city in the county and the county seat. Demand for multifamily properties there is extraordinary. Barry and Jon did an excellent job arranging this off-market sale.” “The seller was eager take advantage of the booming market in northern New Jersey for multifamily properties,” says Waisbrod . “The purchaser had this property on his ‘watch list’ for many years,” says Greenberg . “When he did not purchase it when Kislak previously had it for sale, he utilized his longstanding relationship with us to ensure this purchase.” Built in the 1970s, Prospect West is a luxury seven story mid-rise apartment building with 45 residential units. The property contains 20 one bedroom units, 21 two bedroom units and four three-bedroom penthouses. There are 44 outdoor parking spaces and 18 garages. The purchaser has begun a comprehensive capital improvement plan that includes the construction of a new lobby, installation of a new elevator and many other upgrades.