HARRISON, NJ— The TAK Group acquired 221 Bergen, a 104-unit boutique apartment building in Harrison, NJ, from The Hampshire Companies and CrownPoint Development Group. Tak Group purchased the asset for $32.2 million, free and clear of existing debt.
Holliday Fenoglio Fowler senior managing director José Cruz, managing director Kevin O'Hearn, directors Stephen Simonelli and Michael Oliver and associate director Marc Duval represented the seller.
“Harrison continues to attract both private and institutional investors given the access to transportation and quality new construction,” says Cruz. “221 Bergen is a great example of the types of quality multi-housing properties that are in high demand in the New Jersey market.”
Completed in 2015, 221 Bergen features studio, one- and two-bedroom market-rate units with high-end finishes, including stainless steel appliances, quartz countertops, wood cabinetry, pendant lighting, faux wood plank flooring and in-unit washers and dryers. Common area amenities include a 24-hour fitness center with cardio equipment and yoga room, resident lounge, business center, smartphone security/intercom system, remote-operated garage parking and a furnished rooftop terrace with views of Newark and New York City. Situated on a 1.48-acre site at 221 Bergen Street in Harrison's walkable downtown, the property is near the Harrison PATH train station, Interstate 280 and Newark Liberty International Airport.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
HARRISON, NJ— The TAK Group acquired 221 Bergen, a 104-unit boutique apartment building in Harrison, NJ, from The Hampshire Companies and CrownPoint Development Group. Tak Group purchased the asset for $32.2 million, free and clear of existing debt.
Holliday Fenoglio Fowler senior managing director José Cruz, managing director Kevin O'Hearn, directors Stephen Simonelli and Michael Oliver and associate director Marc Duval represented the seller.
“Harrison continues to attract both private and institutional investors given the access to transportation and quality new construction,” says Cruz. “221 Bergen is a great example of the types of quality multi-housing properties that are in high demand in the New Jersey market.”
Completed in 2015, 221 Bergen features studio, one- and two-bedroom market-rate units with high-end finishes, including stainless steel appliances, quartz countertops, wood cabinetry, pendant lighting, faux wood plank flooring and in-unit washers and dryers. Common area amenities include a 24-hour fitness center with cardio equipment and yoga room, resident lounge, business center, smartphone security/intercom system, remote-operated garage parking and a furnished rooftop terrace with views of Newark and
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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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].
