Hackensack apartment building trades for $5 million, Cervelli says

Jan 18, 2023 | Deals, Residential & Mixed Use

226-228 River St. in Hackensack — Courtesy: Courtesy: Cervelli Real Estate and Property Management

By Joshua Burd

Investors have purchased a 28-unit apartment building in Hackensack for $5 million, in a newly announced transaction by Cervelli Real Estate and Property Management.

According to the brokerage team, the property at 226-228 River St. provides residents with elevator service, balconies, garage parking and individual storage units. The sale of the building comes as the city continues to attract buyers and developers after having “been transformed into a magnet for young professionals looking for a convenient live-work-play environment,” Cervelli wrote in its announcement.

The firm added that the buyers “had a high level of interest in the property due to the upside in rents.”

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Joshua Burd

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for 13 years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.