LODI, NJ—Cedar Wright Gardens, an eponymously named limited partnership that has owned a 642-unit garden apartment complex since 1952, has sold its multifamily asset for $100 million, a major transaction in the high-barrier-to-entry submarket of Bergen County. Located at 77 Mary Street in Lodi, the 31-acre community features a mix of one-bedroom units and a high concentration of two-bedroom units, which are in greatest demand throughout this extremely tight submarket.
The Gebroe-Hammer Associates brokerage team of Ken Uranowitz, president; Joseph Brecher, managing director; and Greg Pine, executive vice president, exclusively represented the seller and secured the buyer, who was not identified.
Uranowitz says the acquisition opportunity garnered tremendous interest due to the property's location in a well-established transit-friendly neighborhood and repositioning potential associated with area development.
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