Transit Crossing, a two-building, 75-unit apartment community at 163-200 Schley St. in Garfield — Courtesy: CBRE
By Joshua Burd
An out-of-state investor has acquired a newly built, 75-unit apartment complex just steps from a train station in Garfield, in a newly announced transaction by CBRE.
The real estate services firm on Wednesday detailed the sale of Transit Crossing, a two-building community at 163-200 Schley St., after representing the seller. The unidentified investor, which is based in New York, purchased the luxury rental property for an undisclosed price.
“Our team received more than 10 offers and we ultimately sold the property to a New York-based client, which made this their first multifamily acquisition in New Jersey,” said Nat Gambuzza, a senior vice president with CBRE, who marketed the property alongside John Veniero and Spencer Beriont.
Built in 2018, Transit Crossing includes 21 one-bedroom and 54 two-bedroom apartments, the news release said. The complex offers high-end interiors, finishes and appliances, along with amenities such as two lounges, a fitness center, package room and key fob entry.
“Newly constructed properties conveniently located near public transportation provide stability for investors,” Gambuzza added. “200 Schley Street is just steps from the Plauderville train station, offering quick access to New York’s Penn Station. Due to its age, there will be low operating expenses with little going towards repairs and maintenance or capital improvements.”
