Station Square Apartments at 351 Van Winkle St. in East Rutherford — Courtesy: Cushman & Wakefield
By Joshua Burd
A family ownership group has sold a 519-unit apartment portfolio in Bergen and Hudson counties for $94 million, in a deal arranged by Cushman & Wakefield.
According to the brokerage team, which represented Tag Investment Properties in the sale, the assets include buildings and complexes built between 1920 and 1980. Occupancy was 97 percent at the time of the deal, Cushman said, touting the value-add opportunity for a portfolio in which most of the units are unrenovated.
The firm’s Niko Nicolaou, Ryan Dowd, Michael Guerra, JP Hohl and Alexandria Ebers spearheaded the deal and procured the buyers. Tuli Realty acquired most of the properties — which are spread across East Rutherford, Cliffside Park, Palisades Park, Lyndhurst, Garfield and Jersey City — while Sher Management acquired an asset in Kearny.
C&W’s Brad Domenico and Frank Stanislaski advised on securing financing for the transactions.
“The sale of Tag Portfolio presents a rare opportunity to transact on a high-performing legacy apartment portfolio in high-barriers to entry markets located throughout Northern New Jersey,” Nicolaou said. “With its exceptional occupancy rates, strong tenant demand and seamless connectivity to Manhattan, this portfolio exemplifies the strength of Bergen and Hudson County’s multifamily market.”
In a news release, Cushman noted that the portfolio comprises 61 percent one-bedroom units and 35 percent two-bedroom units, while the remaining homes include studios and three-bedroom rentals.
“This portfolio was more than just a collection of buildings — it was our father’s life’s work,” Rob and Justin Tagliareni of Tag Investment Properties said in a joint statement. “We’re proud to honor his legacy through this transition and grateful for the foundation he built for our family.”
