Madison Apartments at 186-192 Madison Ave. in Dumont — Courtesy: Sage Investment Real Estate Advisors
By Joshua Burd
The developer of a 32-unit garden apartment complex in Dumont has sold the property after 65 years, according to a listing team with Sage Investment Real Estate Advisors.
The buyer, NWestates LLC, paid an undisclosed price in the deal at 186-192 Madison Ave. That’s allowed the private investment group to expand its North Jersey portfolio, the brokers said, touting the property’s location just 16 miles from Manhattan.
Sage co-founding partners Steve Tragash and Greg Pine represented the seller, Stayce Arms LLC, and procured the purchaser of the four-building Madison Apartments complex.
“The successful sale of Madison Apartments underscores the continued strength of Bergen County’s existing multifamily assets,” Tragash said. “Our firm was selected by ownership for a multitude of reasons, including our ability to comprehensively manage every aspect of the transaction — from market valuations to closing. With the Sage proprietary process and our deep experience in this market, we are able to anticipate challenges and create a successful outcome for our clients.”
Sage announced the deal Wednesday while noting that Stayce Arms LLC built the property in 1960. Made up of two-story buildings, Madison Apartments has a mix of one- and two-bedroom units on 0.92 acres with 14 garages and 39 parking spaces, as well as on-site laundry facilities and quick access to major highways, retail centers and public transportation.
At the time of sale, the property was fully occupied.
“Because of its geographic location within Bergen County, Dumont remains one of the more reliable multifamily markets in North Jersey,” Pine said. “Demand continues to grow as renters look for more affordable options outside the immediate metro area. The fundamentals here are still very strong for both stabilized and value-add properties.”
