The Rose Garden Apartments complex in Hackensack — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The Kislak Co. Inc. has arranged the $6.1 million sale of a 40-unit garden apartment complex in Hackensack, marking the second-highest per unit price recorded for such a property in the city.
In a news release, the firm said it marketed the Rose Garden Apartments complex on an exclusive basis. The property, which was fully occupied at closing, is located on Passaic Street between Summit Avenue and Esplanade.
Sales Associate Andrew Scheinerman represented the seller, while Vice President Jonathan Greenberg represented the purchaser. Financing was provided by Oritani Bank
“Bergen County is among the strongest markets in the suburban tristate area for multifamily properties,” Robert Holland, president of the Woodbridge-based brokerage, said in a prepared statement. “There is extraordinary demand there and elsewhere in New Jersey, and this sale price is indicative of the demand among investors for well-performing properties in desirable locations.”
Scheinerman said the sale price equates to $152,500 per unit, the second-highest per unit price achieved for a garden apartment complex in Hackensack.
“Prices continue to rise and cap rates have become more and more compressed as demand increases,” he said. “This was our sixth transaction with the seller and the fifth with the purchaser, a loyal long-time client.”
Rose Garden Apartments consists of 40 residential units in two brick, two-story apartment buildings, the news release said. The property is situated in the Fairmont neighborhood near Prospect Avenue.
