The Brownstones at Englewood South in Englewood — Courtesy: JLL
By Joshua Burd
The owner of a 350-unit luxury apartment complex in Englewood is seeking a buyer for the property, in a newly announced offering by JLL’s New Jersey capital markets team.
Known as The Brownstones at Englewood South, the community just north of Route 4 is expected to draw offers around $135 million. Brokers with JLL say the property is 95 percent leased, but offers a value-add opportunity for would-be investors.
It’s also a chance to acquire a large multifamily asset in an infill section of Bergen County at below replacement cost, the brokerage team said.
“The Brownstones at Englewood South represents one of a limited number of luxury residential communities in a mature suburb of the county,” JLL wrote in its offering materials. “The property is well positioned to take advantage of the flight of New York City renters west to suburban metro area properties. Englewood’s location, in the inner ring adjacent to Manhattan, is particularly sought-after due to its relative affordability, highway accessibility and plentiful area amenities.”
Built in 2007, the five-building complex includes studios, one-bedroom and two-bedroom units, along with 27 loft-style apartments and 31 townhomes. JLL said ownership has spent “significant” capital renovating common spaces and amenities, which include a redesigned open work area, a resident lounge, a heated outdoor pool and outdoor grilling and dining areas.
The 9.2-acre property at 73 Brownstone Way also includes more than 12,000 square feet of street-level retail such as an artisanal pizza restaurant and food marketplace. Other benefits include quick access to Route 4, which sits just south of the property, providing a location that is minutes from the George Washington Bridge, area highways and New York City.
The JLL marketing team includes senior managing directors Jose Cruz and Kevin O’Hearn, senior directors Steve Simonelli and Michael Oliver, Director Mark Mahasky and Grace Braverman, vice president of production support. Director Thomas E. Didio is the contact for financing.