September 27, 2019
A CBRE team arranged the $75.25-million sale of Skyline Apartments and Boulevard Apartments, two Bergen County multifamily communities totaling 338 units. Skyline Apartments comprises 124 apartments in Hasbrouck Heights, NJ, while Boulevard Apartments has 214 apartments in both Hasbrouck Heights and Lodi, NJ.
The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steven Bardsley, David Gavin and Eric Apfel, along with Nat Gambuzza, represented an investment consortium of Griffen Ltd. and Kushner Companies in the sale and also procured the buyer, a New York-based private investment firm. The highly-competitive bidding process attracted offers from 15 separate investment groups, says CBRE.
“The sellers have seized on the market’s appetite for quality workforce housing,” said Dunne. “We expect the purchaser will do well with their investment, as renter demand for well-maintained Class B apartments is also at historic levels with rent growth for workforce housing outpacing that of Class A.”
Pictured: Boulevard Apartments.
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