River Edge at Garfield — Courtesy: C6 Real Estate Partners
By Joshua Burd
Two real estate firms have partnered to plant a flag in Bergen County, acquiring a newly built 100-unit multifamily apartment community in Garfield for $27 million.
In a news release Tuesday, C6 Real Estate Partners and Citymark Capital said they had purchased River Edge at Garfield, touting the property as “a rare off-market acquisition of luxury multifamily units in tightly constrained Bergen County.” The community, which was completed earlier this year, is located 15 miles northwest of Manhattan, with access to a host of nearby highways.
“We are excited to bring institutional ownership and management standards to the value creation plan for this asset,” Brian DiSalvo, principal with C6, said in a prepared statement. “The property benefits from being part of a larger master planned community that includes luxury condos, and is positioned as best-in-class from a quality of life and amenity standpoint.”
C6, a Jersey City-based buyer and operator, said the property features oversized floor plans, a large swimming pool and two gyms. Nearby highways include interstates 80 and 95, along with the Garden State Parkway and routes 21, 4 and 3.
The firm’s partner in the venture is an institutional private equity real estate fund manager.
“Citymark Capital is delighted to partner with a great company like C6 to bring attractive, institutional quality apartments to the Greater New York City area,” said Dan Walsh, founder and CEO of Citymark Capital. “This aligns with our national platform of investing in leading U.S. markets and taking a disciplined approach to generating solid returns for our investors.”