Solo at North Bergen at 4828 Tonnelle Ave. in North Bergen — Courtesy: Denholtz Properties
(Editor’s note: This story was updated Monday, Aug. 28, with additional information from Berkadia, which represented the seller in the trade of 4828 Tonnelle Ave.)
By Joshua Burd
Denholtz Properties has added to its apartment portfolio after acquiring a newly constructed, 214-unit property in North Bergen for $89 million.
The firm on Monday said the luxury complex, located at 4828 Tonnelle Ave., is currently 98 percent leased across a footprint that includes a trio of three-story buildings with a combined 138 units and a single five-story building with 76 homes. The development known as Solo at North Bergen also has a 5,000-square-foot clubhouse with a series of high-end amenities, while residents are steps from NJ Transit’s Tonnelle Avenue light rail station and bus service with direct access to New York City.
Nat Gambuzza and Spencer Beriont of Berkadia represented the seller, SYM Investments. Jonathan Brody, formerly of Rosewood Realty Group, represented Denholtz in its acquisition.
“North Bergen’s growing population and unparalleled access to many of the region’s largest employment and entertainment hubs makes it a highly desirable location,” said Stephen Cassidy, president of Red Bank-based Denholtz. “This acquisition speaks to our commitment to expanding our multifamily portfolio through an intelligent and strategic approach to growth. We look forward to deploying our time-tested residential management platform at the property to create one of northern New Jersey’s premier residential communities.”
In announcing the deal, the firm noted that Solo at North Bergen has amenities such as billiards and gaming tables, a modern fitness center and an outdoor swimming pool with grilling stations, among others. It’s also minutes from major highways including Route 3 and interstates 78, 95 and 495.
For Denholtz, the property is now part of a portfolio that includes the 57-unit building known as The Rail at Red Bank and The Rail at Bound Brook, which is under construction and will bring 143 luxury rentals to the Somerset County borough. The firm has also bolstered its multifamily portfolio in recent years through out-of-state acquisitions, including a combined 673 units in Murfreesboro, Tennessee, and Kannapolis, North Carolina.
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