The Highlander at 420 Highland Ave. in Wood-Ridge — Courtesy: Hudson Atlantic Realty
By Joshua Burd
The developer of a 19-unit apartment building in Wood-Ridge has sold the property after more than 45 years, brokers with Hudson Atlantic Realty announced.
Known as The Highlander, the property at 420 Highland Ave. traded for $3.6 million or nearly $190,000 per unit at a capitalization rate of 5.2 percent, according to a news release. Matawan-based Hudson Atlantic represented the undisclosed seller, which built the asset in 1977.
“We are thrilled to have facilitated the sale of The Highlander for the original owners of this 47-year-old building,” said Adam Zweibel, Hudson Atlantic’s co-founder and managing partner.
Sales Associate Dante Fusaro, who assisted in the deal, added: “We are proud to have played a role in this rare multifamily sale in prime Bergen County.”
In announcing the deal, Hudson Atlantic noted that Wood-Ridge has population of roughly 8,000 with highly regarded public schools and a location near major highways and public transportation. The Highlander is a 15-minute walk from NJ Transit rail service, which runs on the Pascack Valley line.
