221 Bergen in Harrison — Courtesy: HFF
By Joshua Burd
The developers of a 104-unit apartment complex in Harrison have sold the property about a year after opening in the growing transit hub community, brokerage firm HFF said Tuesday.
In a news release, the firm said it represented The Hampshire Cos. and CrownPoint Development Group Inc. in the sale of 221 Bergen, a boutique property made up of two 52-unit buildings. The buyer, TAK Group, purchased the asset free and clear of existing debt.
Terms were not disclosed.
The luxury property, which opened its doors last fall, offers market-rate units with high-end finishes and amenities such as a rooftop terrace, resident lounge, remote-operated garage parking. It sits on a 1.48-acre site at 221 Bergen St. in Harrison’s waterfront redevelopment area, a former industrial section of the town that is anchored by a PATH station with access to Manhattan.
The HFF investment sales team representing the seller was led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and Associate Director Marc Duval.
“Harrison continues to attract both private and institutional investors given the access to transportation and quality new construction,” Cruz said in a prepared statement. “221 Bergen is a great example of the types of quality multi-housing properties that are in high demand in the New Jersey market.”
In a separate news release, Norman A. Feinstein, vice chairman of The Hampshire Cos., said the project has “created an excitement within Harrison and as the complex progressed it created a new energy becoming vital part of Harrison’s renaissance.”
“Through our investment strategy we were able to lease-up the entire complex in just seven months after opening and position the property for sale allowing us to capitalize on the high demand for quality multifamily housing in transit-oriented areas,” Feinstein said. “Together with our partners, we were able to deliver an attractive product to both residents and investors making this project very successful.”
Jeffrey Milanaik, CEO of CrownPoint Group, said the partnership identified the opportunity in late 2012 “and quickly realized the uniqueness of the location and the ability for us to create a first-class property with a boutique feel.”
“Our partners caught our vision from the very beginning and supported our efforts from design, through development, through final lease up,” he said. “We are extremely proud of our team’s efforts and success,” said
Circle Squared Alternative Investments served as project investment adviser.
“221 Bergen was a great opportunity and provided the perfect mix of location, quality and demand to make this a highly successful project,” said Jeffrey Sica, founder and president of Circle Squared Alternative Investments. “Partnering with experienced developers such as The Hampshire Cos. and CrownPoint Group turned an opportunity into a tremendously successful community beating delivery timelines in every phase from construction through leasing and disposition of the asset.
“We’re proud to be a part of this shared success and to have played a role in Harrison’s continued renaissance.”