Bella at Bergenfield at 15 West Johnson Ave. in Bergenfield — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An affiliate of Hornrock Properties has sold a new 62-unit luxury apartment building in Bergenfield for nearly $23 million, in a deal arranged by The Kislak Co. Inc.
According to the brokerage team, an entity listed as A. Hackensack LLC purchased what’s known as Bella at Bergenfield at 15 West Johnson Ave. The off-market trade comes two years after Hornrock, a Park Ridge-based developer, completed the upscale building at a location three miles north of Route 4 and 14 miles from Midtown Manhattan.
Kislak Vice President Andrew Scheinerman represented HR Bergenfield LLC in the sale, while Senior Vice President Robert Squires procured the buyer.
“The high barriers to entry in a town like Bergenfield coupled with Bella being the first new residential rental building there in over 20 years made this an extremely desirable opportunity,” Scheinerman said. “The demand for new multifamily properties in northern New Jersey, especially Bergen County, is extraordinary.”
Kislak announced the $22.5 million deal on Thursday, noting that the building features high-end construction, finishes and appliances, with amenities such as assigned covered parking, a Peloton fitness center, a rooftop terrace, a resident lounge and a work-from-home lobby.
The collection of one- and two-bedroom homes sits on a 0.61-acre parcel steps from downtown Bergenfield.
“This was an excellent and unique transaction because we helped the purchaser sell an older garden apartment complex in Hackensack, New Jersey, and complete a tax-deferred 1031 exchange with the purchase of this new property,” Squires said. “1031 exchanges can be challenging to execute, but they can be a tremendous tool for real estate investment growth and wealth preservation. As a broker, we are in a service business, and it brought me great pleasure to help facilitate this exchange.”