Denholtz Properties Buys Luxury New Jersey Community
The property came online earlier this year.
Solo at North Bergen came online earlier this year. Image courtesy of Denholtz Properties
Denholtz Properties has purchased Solo at North Bergen, a 214-unit luxury multifamily community in North Bergen, N.J. The seller, a private developer, completed the property earlier this year, financing its construction with a $52.5 million loan from Procida Funding, Yardi Matrix data shows.
The community consists of four three-story buildings with studio, one- and two-bedroom units ranging from 564 to 1,027 square feet, the same data provider reveals. Apartments feature hardwood floors, digital locks, washers and dryers. Common-area amenities include a clubhouse, outdoor swimming pool with barbeque stations, outdoor sauna, fitness center and dog run, among others.
The 5.7-acre property is at 4828 Tonnelle Ave., less than 2 miles from Interstate 95 and adjacent to a light rail station. The location is also providing easy access to the Port Imperial-Weehauken ferry terminal.
The acquisition is part of Denholtz Properties’ strategy of growing its national multifamily portfolio. One of the company’s developments, a 143-unit project that broke ground earlier this year in Bound Brook, N.J., has the completion date set in late 2024.
In September 2022, the company purchased a 384-unit luxury community in Murfreesboro, Tenn. JLL arranged $76.8 million in acquisition financing.
