River Edge at 600 Autumn Lane in Garfield — Courtesy: Walker & Dunlop
By Joshua Burd
The owner of a 104-unit luxury apartment complex in Bergen County is seeking a buyer for the property, according to an investment sales team with Walker & Dunlop.
Brokers with the firm are representing the would-be seller at River Edge, a two-building development at 600 Autumn Lane in Garfield. Built in 2017, the complex is just south of the Garden State Parkway and Route 46, providing connectivity to the region while still offering the privacy of a suburban neighborhood.
Walker & Dunlop also noted that River Edge recently achieved its pre-COVID rents after current ownership minimized declines and occupancy losses during the pandemic.
“River Edge’s operational performance since the start of 2021 has been exceptional as renters have been able to move about more freely,” said Thomas Walsh, a managing director based with Walker & Dunlop’s New Jersey team. “River Edge is benefitting greatly as renters are seeking a ‘flight to quality.’ Demand is evident by the 100 percent occupancy with rental rates trending upwards by 5 percent.”
The property is reportedly expected to draw offers of around $37 million.
Located in a neighborhood of newly built townhomes, River Edge has amenities such as an outdoor pool and patio area, a fitness center and surface and covered parking, according to Walker & Dunlop’s offering materials. The property includes mostly one- and two-bedroom upscale homes, with an average unit size of 1,020 square feet.
River Edge is minutes from both Interstate 80 and NJ Transit’s Plauderville train station, the firm said. Walker & Dunlop also noted that the site is four miles from Hackensack and its selection of retail and dining options.
The marketing team for the property includes Walker & Dunlop’s Joseph Garibaldi, Thomas Walsh, Katelyn Borovsky and Nick Vanderslice, with Ralph Wurzberger providing debt advisory services. They also noted that a buyer can add value and raise rental revenue by $100 to $200 per month through a modest renovation program over the next three to five years, adding that rents at the property have already shown a natural appreciation over the past several months.
“In addition to minor property and unit level upgrades, an investor can create additional value in the development of two surface parking lots on the property’s southeast corner,” the team wrote, noting that the parcels total roughly one acre, which could yield another 50 to 75 units. “By expanding the Property’s rentable inventory an investor will benefit from certain operational economies of scale and will expand the buyer pool for their eventual future monetization.”
