Luxury apartments in Bergenfield sold for $22.5M

Built between 2019 and 2020, luxury apartment building Bella at Bergenfield with its 62 units is the first new residential rental building to come to its namesake Bergen County municipality in more than two decades.

That’s according to The Kislak Co. Inc. Vice President Andrew Scheinerman, who arranged the off-market sale of Bella at Bergenfield for $22.5 million, the Woodbridge-based commercial real estate brokerage announced April 21.

“The high barriers to entry in a town like Bergenfield coupled with Bella being the first new residential rental building there in over 20 years made this an extremely desirable opportunity,” Scheinerman, who represented HR Bergenfield LLC, the seller, said in a statement. “The demand for new multifamily properties in northern New Jersey, especially Bergen County, is extraordinary.”

Kislak Senior Vice President Robert Squires procured the buyer in the transaction, A. Hackensack LLC.

“This was an excellent and unique transaction because we helped the purchaser sell an older garden apartment complex in Hackensack, New Jersey and complete a tax deferred 1031 exchange with the purchase of this new property,” Squires said. “1031 exchanges can be challenging to execute, but they can be a tremendous tool for real estate investment growth and wealth preservation.

“As a broker, we are in a service business, and it brought me great pleasure to help facilitate this exchange,” he added.

Bella at Bergenfield is situated steps from downtown Bergenfield and 14 miles from midtown Manhattan by automobile. Situated on 0.61 acres, it offers 57 one-bedroom apartments and five two-bedroom units with an average size of 869 square feet.

Amenities at Bella include GE appliance packages, in-unit laundry, walk-in closets and 9-foot ceilings. Rounding out the community offerings are assigned, covered parking; a Peloton fitness center, rooftop terrace, resident lounge and work-from-home lobby.

According to Kislak, Bergenfield and greater Bergen County are among the strongest rental markets in New Jersey and the tri-state area. In its 2021 Q4 New Jersey Multifamily research report, Colliers found the occupancy rate for the county was 97.8%.