By Joshua Burd
A five-building, 156-unit apartment portfolio in Bergen County is under new ownership, following a transaction arranged by Colliers International.
Brokers with the firm represented an undisclosed seller in the deal, which spans five garden-style and low-rise properties in Hackensack and Little Ferry. The team on Wednesday also announced the sale of a sixth building, West Park Apartments, in the Gloucester County borough in Westville.
Terms were not disclosed.
“As housing prices continue to soar and supply of single-family homes remains tight, quality multifamily buildings have again proven to be strong value-add properties,” said Jacklene Chesler, an executive managing director with Colliers. “These New Jersey assets in particular, with their close proximity to Philadelphia and Manhattan, provide their new owners with exceptional investment opportunities.
“My team is expanding our multifamily concentration. We have several multifamily investments on the market, under contract and new opportunities we are preparing to take out to market.”
Chesler led the Colliers team representing the seller, working alongside Managing Director Matthew Brown and Associate Director Patrick Norris. Andrew Scheinerman of The Kislak Co. Inc. represented the buyer of the Bergen County portfolio.
The transaction comes about 18 months after Colliers was appointed receiver for the buildings, along with others that were previously owned by the seller. The firm noted that the Bergen County portfolio includes 16 studios, 133 one-bedroom units and seven two-bedroom units, while the Westville asset comprises 44 units that were vacant at the time of the sale.
The property requires a complete renovation, Colliers added, noting that it was in extremely poor condition and faced municipality condemnation.
“We are able to achieve optimal pricing to our multifamily clients due to the fact we sell all product types — office, retail, industrial in addition to multifamily,” Chesler said. “In addition to reaching traditional multifamily owners and investors, we have a deep database of investors of different product type that want to diversify their portfolios and are often overlooked for other multifamily opportunities.”