456 Kinderkamack Road in Oradell — Courtesy: SAGE Investment Real Estate Advisors
By Joshua Burd
A long-term owner has sold a 24-unit garden apartment complex in Oradell, in a newly announced transaction by SAGE Investment Real Estate Advisors.
According to the brokerage team, a private investor purchased the property at 456 Kinderkamack Road for an undisclosed price. SAGE co-founders Greg Pine and Steve Tragash represented the seller, Oradell Associates LLC, noting that the courtyard-style complex is two blocks from the Oradell Avenue intersection and the borough’s main business district.
“This owner, with whom I’ve had a relationship for the past 15 years, has owned and been a remarkable steward for the property since the 1960s, making it an attractive value-add offering,” Pine said. “Because of this, Oradell Apartments was sold at a very aggressive cap rate attributable to its below-market rents.
“There are two parallel investment storylines in the market right now — new construction and value add. Both asset classes are highly desirable — depending on the investor’s mandate. Several buyers expressed interest in this specific property based on the location, size and opportunity for a new owner to create value.”
In a news release, SAGE added that the complex is a four-minute walk from NJ Transit’s Oradell Station and NJ Transit bus service. The transaction follows SAGE’s recent sale of the 59-unit Metropolitan Lofts in downtown Morristown and the trade of a garden-style property in Elizabeth.
