A private buyer has paid $80 million for a portfolio that includes three garden apartment complexes in Westwood — Coventry Square at 20 Charles St., Stanford Court at 500 Center Ave. and The Madison Apartments at 99 Madison Ave. — as well as Village on the Green at 229 Collignon Way in River Vale. — Courtesy: JLL
By Joshua Burd
Kushner has sold a four-property, 276-unit portfolio of garden apartments in Bergen County for $80 million, brokers with JLL announced Wednesday.
According to a news release, the holdings include three complexes in Westwood — Coventry Square at 20 Charles St., Stanford Court at 500 Center Ave. and The Madison Apartments at 99 Madison Ave. — as well as Village on the Green at 229 Collignon Way in River Vale. The portfolio of one- and two-bedroom units is 96 percent occupied, JLL said, touting Bergen County’s strong apartment market and the presence of employers such as Hackensack Meridian Health and BMW’s North American headquarters.
“The successful sale of the Westwood Multi-housing Portfolio underscores the strong investor demand for quality multifamily assets in high-demand markets like Bergen County,” said Jose Cruz, a senior managing director with JLL. “This transaction highlights the appeal of properties with substantial value-add potential and the continued interest in suburban markets offering accessibility, strong demographics, and a high quality of life.”
Cruz along with fellow senior managing directors Mike Oliver and Steve Simonelli, as well as Director Elizabeth DeVesty and Associate Austin Pierce, represented the seller. They said the portfolio, built between 1979 and 1987, is a value-add opportunity for the buyer given that most of the units are unrenovated.
Still, the properties have amenities such as a fitness center, a swimming pool, a tennis court and dog parks, the news release said. The team also pointed to Westwood’s walkable downtown and several shopping, dining and entertainment options, while citing Bergen County’s proximity to the Garden State Parkway and Route 4, allowing residents to reach Manhattan in less than an hour.
