The Point at Fort Lee at 900 Crest Lane in Fort Lee — Courtesy: JLL
By Joshua Burd
A seven-building, 351-unit apartment complex in Fort Lee is on the market for sale, with the potential to draw offers in the range of $170 million.
A brokerage team with JLL said The Point at Fort Lee, located at 900 Crest Lane, is 95 percent leased and offers “significant rent and revenue upside” for a buyer willing to further upgrade its collection of one-, two- and three-bedroom apartments. Built in 1999, the property also features upscale amenities and is minutes from the George Washington Bridge and Manhattan, with connectivity to other major hubs in northern New Jersey.
“The property is well positioned to benefit from the dynamic, city-to-suburb movement from dense urban metro area locations to affluent suburban communities while still being in close proximity to the urban employment hubs such as Manhattan,” JLL wrote in its offering materials. “The investment also offers the opportunity to acquire a luxury community at a significant discount to the nearby waterfront communities of Edgewater, Weehawken, Hoboken and Jersey City.”
JLL noted that most apartments at The Point have modern features such as granite countertops, ceramic tile kitchen floors, upgraded bathroom tiles and new lighting and plumbing fixtures as a result of upgrades launched in 2007. Yet ownership has started additional renovations and has completed roughly 40 percent of the units so far, resulting in a return on cost between 20 and 30 percent.
The average unit size is 1,058 square feet, the firm said. Amenities at the 13-acre property, which features a clubhouse, include a heated outdoor pool, a business center with a clubroom, a children’s playroom and a high-end fitness center, among others.
“Today’s market trends are strongly influenced by residents seeking larger units that are located in safe, lower density suburban communities,” JLL wrote. “The Point at Fort Lee’s location within Fort Lee and Bergen County provides residents the best aspects of city and suburban living, conveniently located near an abundance of retail centers, hotels, recreational facilities and entertainment venues.”
JLL’s Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Ryan Robertson are leading the offering from the firm’s Morristown-based New Jersey capital markets office, with a financing team that includes Jamie Leachman, Mike Tepedino and Thomas E. Didio.