CBRE Acquires Classic New Jersey Apartment Portfolio For $37.5M

The Classic New Jersey Apartment Portfolio, consisting of 146 units spread throughout three suburban New Jersey communities in Essex and Bergen counties, has been sold for a total of $37,500,000. The properties, located at 304 Hillside Ave, 154 Union Ave, and 7 Saint Lukes Place, offer access to multiple high barrier to entry markets and have been meticulously maintained by a long-term owner. The sale represents an opportunity for the buyer to implement a value-add strategy through local, hands-on management.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $37,500,000
• Units: 146
• Price per Unit: $256,849
• Total Square Footage: 150,000
• Price per Square Foot: $250
• Market: Nutley, Rutherford, and Montclair

Nat Gambuzza, Trevor Fiebel, Spencer Beriont, and Tim Blashford of CBRE represented the long-term, out-of-state ownership in this transaction. They successfully managed and controlled the bid process, navigating individual and portfolio offers to create the most value for the seller. The sale of The Classic New Jersey Apartment Portfolio represents a significant investment opportunity in the thriving New Jersey multifamily market.