Pompton Lakes, NJ Multifamily Complex Sells for $20M

The Lakeside Residences, a newly completed 52-unit luxury apartment building, have been acquired by a private investor for $20 million. The sale, facilitated by the brokerage team at Hudson Atlantic Realty, represents a significant milestone in the thriving Pompton Lakes real estate market.

The history of the property: Lakeside Residences, located at 21 Lakeside Ave., was developed by Colfax Holdings Urban Renewal LLC, a Hackensack-based firm, and officially opened its doors just last year. The property garnered a sale price of $385,000 per unit, reflecting its exceptional quality, luxurious finishes, and a wide range of desirable amenities. Among these amenities are a state-of-the-art fitness center, a welcoming resident lounge, an engaging game room, and convenient tenant storage options.

The team the made it possible: The successful sale of Lakeside Residences was managed by Hudson Atlantic's Adam Zweibel, who not only listed the property but also played a crucial role in the transaction. Zweibel emphasized the property's strategic location, which offers residents easy access to downtown Pompton Lakes, known for its vibrant dining and shopping scene. Additionally, the building is within walking distance of direct bus service to Manhattan, enhancing its appeal for urban commuters.

Why this transaction is a silver lining: Adam Zweibel, the Managing Partner of Hudson Atlantic Realty, commented on the transaction's significance in the context of the current economic climate. He noted that as interest rates have been on the rise, bridging the gap between buyers and sellers has become more challenging. However, the successful sale of Lakeside Residences demonstrates that investors continue to show strong interest in real estate transactions, even in the face of economic headwinds.