Highlands at Westwood at 7101 Cenrose Circle in Westwood — Courtesy: CBRE
By Joshua Burd
A buyer has expanded its New Jersey portfolio with the addition of a 214-unit luxury apartment complex in Westwood, in a newly announced deal by CBRE.
Brokers with the firm represented the seller, Barings, in its disposition of the property at 7101 Cenrose Circle. The buyer, Cammebys Management Co., paid an undisclosed sum for what’s known as Highlands at Westwood.
“We are pleased to have represented Barings in the sale of this asset,” said Jeff Dunne, a vice chairman with CBRE and leader of its tristate suburban capital markets team. “They have done a fantastic job over the years operating the property as it is one of the most sought-after communities in Bergen County. Occupancy is historically strong, and the asset is in great shape. The result was significant interest in the offering with institutions, fund operators and large private investors all competing to acquire this desirable property.”
Dunne brokered the sale alongside Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer. They noted that Highlands at Westwood, built in 1999, features amenities such as a resident clubroom, a pool and sundeck, a business center and a fitness center, among others, along with upscale apartment design and a location near downtown Westwood.
“Cammeby’s should do well as they build on the success of the seller in operating the community,” Pride said. “The buyer has a significant New Jersey portfolio, and The Highlands at Westwood is an ideal addition for their long-term ownership strategy.”
