“This sale marked an unprecedented concentration of well-maintained apartment homes to come online in the state’s highest-barrier-to-entry multi-family investment markets,” Uranowitz says. “Once in a generation, if ever, does a portfolio of this magnitude come to market in such desirable locations offering value-add appreciation opportunities through unit renovations and capital-improvement implementations on a grand scale.”

Collectively, the portfolio properties feature market-unique floorplans, ranging from studios to two-bedroom duplexes. Each apartment-home includes newly finished hardwood floors, decorative window coverings, full-sized kitchens with modern appliances, abundant closet space and baths with ceramic-tile flooring and ceramic tubs and sinks.

The garden-style complexes also feature park-like grounds and are all located close to schools, shopping, dining, transit and adjacent parks with trails, tennis, ballfields and other recreational amenities. The Garden State Parkway and I-95/New Jersey Turnpike access points are nearby the properties as well.

“While the highest concentration of the North Jersey Metro Portfolio’s historically stabilized and well-occupied multi-family properties span two of Northeast Essex’s most-popular out-commuter neighborhoods, approximately 40% of the units are centrally located in the affluent Bergen County submarket, just a few miles from the metro’s epicenter of employment – Midtown Manhattan,” says Brecher. “Each also offers walkable proximity to transit as well as a short distance to upscale retail, dining and cultural attractions extending from Upper Montclair to Hackensack and Englewood Cliffs.”