The Delford at 120 West Passaic St. in Rochelle Park — Courtesy: JLL
By Joshua Burd
Tulfra Real Estate has tapped JLL to arrange the sale of a recently completed, 160-unit luxury apartment building in Rochelle Park.
Known as The Delford, the property at 120 West Passaic St. opened its doors last year as part of a multiphase project less than a mile from Route 17. The six-story building is now 98 percent occupied, JLL said, thanks in large part to its location, strong local demographics and amenities such as a coworking lounge, a fitness center, an outdoor swimming pool and grilling stations.
Also notable is that the property has a 30-year payment in lieu of taxes agreement with the township.
“Underpinning the property’s strength is a thriving submarket, characterized by tight vacancy at 5 percent, impressive five-year rent growth of 20 percent and a decade-long streak of positive absorption,” JLL wrote in its offering materials. “The Delford offers investors the ability to acquire a newly constructed apartment community with long-term tax savings benefits.”
JLL’s Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce are leading the marketing effort with support from Gerard Quinn and Michael Klein of the firm’s debt and equity placement team. They noted that The Delford, which includes 136 market-rate and 24 affordable units, had an impressive lease-up timeline after hitting the market early last year.
The property sits within two miles of several major shopping centers, while the nearby highways provide quick connections to the George Washington Bridge and the Garden State Parkway. It’s also adjacent to NJ Transit’s Passaic Street at Berdan Street bus stop with commuter service to Manhattan.
Tulfra lands permanent loan with Nuveen for new 160-unit rental property in Rochelle Park
