414 Hackensack Ave. in Hackensack — Courtesy: JLL
By Joshua Burd
An institutional investor has acquired a 226-unit luxury apartment property adjacent to the upscale Shops at Riverside complex in Hackensack, in a newly announced deal by JLL.
Brokers with the firm represented the seller in the transaction at 414 Hackensack Ave., which sits just off Route 4 and just north of the high-end retail center. They noted that the property, which was built in 2013, is 96 percent leased across a mix of homes ranging from studio to three-bedroom floorplans.
JLL senior managing directors Jose Cruz, Michael Oliver and Steve Simonelli, Director Elizabeth DeVesty and Associate Austin Pierce brokered the trade. Terms were not disclosed.
“We are excited to announce the sale of Avalon Hackensack at Riverside, a premier Class A multi-housing community in Hackensack,” Cruz said. “The property’s amenities, convenient access to major transportation routes and proximity to employment centers and the retail amenities made it a highly sought-after investment.”
Amenities at the site include a pool with a grilling area, a clubhouse, a modern fitness center and tenant lounge. Residents also have a covered garage parking and pedestrian entry to Hackensack River County Park, while they’re minutes from major highways such as the Garden State Parkway, interstates 80 and 95 and the George Washington Bridge.
The complex is also a five-minute drive to both the Anderson Street and the Essex Street train stations, JLL said. Renters, meantime, can walk to bus service in less than 10 minutes.
Nearby employers include Hackensack University Medical Center.
