Lakeside Residences at 21 Lakeside Ave. in Pompton Lakes — Courtesy: Hudson Atlantic Realty
By Joshua Burd
A private investor has purchased a newly completed, 52-unit apartment building in Pompton Lakes for $20 million, according to a brokerage team with Hudson Atlantic Realty.
Known as Lakeside Residences, the property at 21 Lakeside Ave. opened last year under a project by Colfax Holdings Urban Renewal LLC, a Hackensack-based firm. It has now changed hands for $385,000 per unit, thanks in part to its luxury finishes and amenities such as a fitness center, a resident lounge, a game room and tenant storage.
Hudson Atlantic’s Adam Zweibel listed and sold the property, noting that it’s a short drive from the restaurants and shops of downtown Pompton Lakes and well as major employers. The building is also within walking distance of direct bus service to Manhattan.
“In a rapidly rising interest rate environment, it has been more difficult to bridge the gap between buyers and sellers,” said Zweibel, the firm’s managing partner. “However, this transaction proves that investors still have an appetite to transact despite economic headwinds.”
