Ridge Pointe at 1 Executive Drive in Fort Lee — Courtesy: JLL
By Joshua Burd
The owner of a 132-unit luxury apartment building in Fort Lee is seeking a buyer for the property, in a newly announced listing by JLL’s Morristown-based capital markets group.
Brokers note that Ridge Pointe, located at 1 Executive Drive, provides would-be investors with an asset that’s just a mile from the George Washington Bridge and views of Manhattan via its more than 20,000 square feet of amenity space. The seven-story building also has what JLL described as embedded upside potential by raising rents to market levels and future delivery of additional parking garage spaces.
The property’s apartments, meantime, range from studios to three-bedroom units with an average size of more than 1,296 square feet, the firm said. Ridge Pointe also has 7,725 square feet of commercial space, along with 118 existing parking spaces.
JLL’s Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce spearhead the listing team with support from Thomas E. Didio Jr. and Gerard Quinn of the firm’s debt and equity placement unit.
