Colliers recently closed the sale of six multifamily buildings, comprising 200 units, across New Jersey the commercial real estate broker announced on June 9. The properties include West Park Apartments at 910 Gateway Blvd. in Westville and the Lenox Multifamily Portfolio in Hackensack and Little Ferry.
The Colliers team, led by Executive Managing Director Jacklene Chesler, along with Managing Director Matthew Brown and Associate Director Patrick Norris marketed the properties and completed the transactions.
The Lenox Multifamily Portfolio totals 156 units across five garden-style and low-rise assets. The portfolio includes 16 studios, 133 one-bedroom units and seven two-bedroom units. West Park Apartments comprises 44 units that were vacant at sale. The property requires a complete renovation as it was in extremely poor condition and faced municipality condemnation.
“As housing prices continue to soar and supply of single-family homes remains tight, quality multifamily buildings have again proven to be strong value-add properties. These New Jersey assets in particular, with their close proximity to Philadelphia and Manhattan, provide their new owners with exceptional investment opportunities,” said Chesler. “My team is expanding our multifamily concentration. We have several multifamily investments on the market, under contract and new opportunities we are preparing to take out to market.”
“We are able to achieve optimal pricing to our multifamily clients due to the fact we sell all product types—office, retail, industrial in addition to multifamily,” added Chesler. “In addition to reaching traditional multifamily owners and investors, we have a deep database of investors of different product type that want to diversify their portfolios and are often overlooked for other multifamily opportunities.”
Conveniently located in Bergen County, the Lenox Multifamily Portfolio is in a walkable area with easy access to buses and railways, as well as major roadways including the New Jersey Turnpike, Interstate 80, Routes 17, 46 and 4. The portfolio is within close proximity to Manhattan. West Park Apartments also benefit from excellent access to public transportation, as well as proximity to Philadelphia.
Colliers was appointed receiver in October 2019 for a multifamily package consisting of these properties, among others. The Chesler-led team has an incredible track record in executing the marketing process for complex transactions that are in special servicing, bank-owned or other phases of court proceedings.
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