Boulevard Apartments, a 214-unit apartment complex spanning Hasbrouck Heights and Lodi — Courtesy: CBRE
By Joshua Burd
An investment group has reaped more than $75 million from the sale of two garden apartment complexes in Bergen County, brokers with CBRE announced Wednesday.
The real estate services firm represented an investment consortium of Griffen Ltd. and Kushner Cos. in the sale of the properties, Skyline Apartments and Boulevard Apartments, which include a combined 338 units spanning Hasbrouck Heights and Lodi. A New York-based private investment firm acquired the portfolio for $75.25 million, CBRE said, winning a bidding process that drew 15 prospective buyers.
“We are pleased to have represented Griffen Ltd. and Kushner Companies in the sale of these assets,” said CBRE’s Jeffrey Dunne, who brokered the sale alongside Gene Pride, Jeremy Neuer, Steven Bardsley, David Gavin, Eric Apfel and Nat Gambuzza.
“The sellers have seized on the market’s appetite for quality workforce housing, Dunne added. “Demand for this type of property is as strong as we have experienced. We expect the purchaser will do well with their investment as renter demand for well-maintained Class B apartments is also at historic levels with rent growth for workforce housing outpacing that of Class A. This is expected to continue for years ahead.”
Skyline Apartments comprises 124 apartments in Hasbrouck Heights, while Boulevard Apartments has 214 apartments in both Hasbrouck Heights and Lodi. CBRE touted both properties’ locations near Route 46 and Interstate 80.