The Schoolhouse at 158-174 Union St. in Ridgewood — Courtesy: CBRE
By Joshua Burd
A private real estate family has acquired a three-building, 31-unit apartment complex in Ridgewood for more than $14 million, in a transaction arranged by CBRE.
Brokers with the firm say the property, located at 158-174 Union St., changed hands after a marketing effort that drew 10 competitive offers. Prospective buyers were drawn to what’s known as The Schoolhouse thanks to its proximity to the village’s downtown and its train station, along with features such as covered parking, oversized units, modern kitchens and balconies.
CBRE’s Nat Gambuzza and Spencer Beriont represented the seller, 158-174 Union Street LLC, in the $14.325 million deal.
“This asset was uniquely positioned to garner the attention of the private capital pool looking for a quality asset in a stellar location with a value-add play,” said Gambuzza, a senior vice president with the firm.
In a news release, CBRE noted that The Schoolhouse was built in stages from 1960 to 1980 and was well-maintained by a long-term ownership. The brokerage team negotiated the winning bid with limited due diligence and an all-cash offer.
“The 4.16 percent cap rate and $462,000 price-per-unit are metrics expected from this type of sought-after apartment building and is a testament to the rarity of the asset,” said Beriont, a vice president with CBRE.
