GARFIELD, NJ—C6 Real Estate Partners has acquired River Edge at Garfield, a 100-unit class-A multifamily community in Garfield, NJ, for $27 million in a joint venture partnership with Citymark Capital, an institutional private equity real estate fund manager.
C6 will manage all aspects of investment execution on behalf of the partnership.
“River Edge is a rare off-market acquisition of luxury multifamily units in tightly constrained Bergen County, NJ,” says Brian DiSalvo, C6 principal. “We are excited to bring institutional ownership and management standards to the value creation plan for this asset. The property benefits from being part of a larger master planned community that includes luxury condos, and is positioned as best-in-class from a quality of life and amenity standpoint,” said.
“Citymark Capital is delighted to partner with a great company like C6 to bring attractive, institutional quality apartments to the Greater New York City area,” says Dan Walsh, founder and chief executive officer of Citymark Capital. “This aligns with our national platform of investing in leading US markets and taking a disciplined approach to generating solid returns for our investors.”
The property features oversized floor plans, a large swimming pool and two gyms. Located 15 miles northwest of Manhattan, the property is strategically located with direct access to Route 80, I-95, The Garden State Parkway, Route 21, Route 4 and Route 3.
“Bergen County continues to be a strong draw for a wide range of residents seeking both luxury and convenience,” says DiSalvo. “River Edge provides a spacious and attractive neighborhood feel that distinguishes itself from the competition.”
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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].
