A multifamily property in Netcong has a new owner.

Cushman & Wakefield announced the sale of the 126-unit community located at 34 Bank St. to an affiliate of Landmark Cos. of Keasby for $44.5 million on April 19.

Brian Whitmer, Niko Nicolaou, Andrew Merin, Ryan Dowd, Peter Welch, Will Gerlin and JP Hohl of Cushman & Wakefield represented the seller in the transaction, Parsippany’s CrownPointe Development Group.

On May 9, NAI DiLeo-Bram & Co. announced Principal Eric Johnston represented Landmark Cos. in the 34 Bank St. transaction. 

According to a statement from Whitmer, the property generated strong interest in the bidding process due to its unique location, offering a commutable locale within walking distance to the local train station, as well as access to Interstate 80 and Routes 46 and 206.

“The sale of 34 Bank St. serves as a great example of how well received thoughtfully designed apartment communities are in northern New Jersey, by both residents as well as investors,” he said in a statement.

Johnston shared those sentiments, saying that demand in the multifamily sector continues to be very strong. “We are pleased to have been able to help negotiate this transaction on behalf of the buyer,” he said, adding that the deal represents the third recent multifamily sale with more than 275 units that NAI DiLeo-Bram has made recently.

The newly constructed property is comprised of four three- and four-story apartment buildings and was completed in 2021. According to CushWake, the property’s one-, two- and three-bedroom units feature stainless steel appliances, quartz countertops, oversized windows, and vinyl wood plank flooring. Amenities include waterfront views, garages, grilling stations, fire pits, a clubhouse and fitness center.

Editor’s note: This story was updated at 6:54 a.m. EST on May 10, 2022, to include additional information about the sale from the buyer’s representative, NAI DiLeo-Bram & Co.