The Reserve at Riverdale at 6000 Riverdale Road in Riverdale — Courtesy: JLL
By Joshua Burd
A two-building, 212-unit apartment complex in the Morris County borough of Riverdale is on the market for sale, in a new listing by JLL’s capital markets group.
Known as The Reserve at Riverdale, the property at 6000 Riverdale Road is a collection of one- and two-bedroom rentals at the convergence of Interstate 287 and Route 23. Those units are primed for what the brokerage team described as a value-add interior renovation program, noting that 100 percent of the homes have their original design from when the complex opened in 2010.
JLL’s Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce lead the marketing team on the assignment. The firm’s CJ Anania and Luke Chakonis are providing analytics support, as are financing brokers Thomas E. Didio Jr. and Gerard Quinn.
The Reserve at Riverdale, which includes 12 units reserved as affordable housing, sits on a lush 15-acre wooded site with walking paths and scenic surroundings. Residents, meantime, have access to amenities such as a fully renovated clubhouse including a fitness center with a yoga and spin studio, a business center, a lounge with a bar, a gaming room, a resort-style pool and multiple courtyards.
The pair of four-story buildings also has an affluent Morris County location with an average household income of $195,475, the listing team said. And, with its highway location, the property has immediate access to regional employment hubs and extensive retail amenities, including Willowbrook Mall.
JLL added that Reserve at Riverdale’s average monthly rent of $2,899 represents a 67 percent discount to the cost of homeownership in a region where the home value within a five-mile radius is more than $679,000.
