Lodi, N.J.—Cedar Wright Gardens, a 642-unit apartment property Lodi, N.J., has traded for $100 million. Cedar Wright Gardens LP, which has owned the property in Bergen County in the northeast part of the state since 1952, sold it to an entity called Cedar Wright Apartments LLC.
Cedar Wright Gardens includes a mix of one-bedroom units ranging from 500 square feet to 555 square feet, and two-bedroom units that measure 675 square feet to 725 square feet. Each apartment features an eat-in kitchen with hardwood flooring, and private entrances. Common amenities include on-site laundry facilities, off-street and optional garage parking, and 31 acres of landscaped courtyards with shade trees.
According to Gebroe-Hammer Associates managing director Joseph Brecher, the buyer plans to pursue various capital improvements to boost the propety’s appeal to the area’s tenant base. The surrounding neighborhood (the Roosevelt/Terhune/Passaic Avenue district) is characterized by a mix of mid-century small- to mid-sized apartments, along with Victorian-style single-family residences.
Roosevelt/Terhune/Passaic Avenue is currently undergoing a growth associated with its proximity to the former Curtiss Wright airplane factory redevelopment site in Wood-Ridge, N.J. In partnership with NJTRANSIT, Somerset Development led an environmental remediation effort in Wood-Ridge, to develop a new train station and public plaza.
Opened last May, Westmont Station has been the catalyst for the introduction of additional residential housing units, retail shops, offices, restaurants and entertainment venues to the area. That includes the Curtis-Wright redevelopment, which is now under way.
Along with Brecher, Gebroe-Hammer’s Ken Uranowitz and Greg Pine represented the seller in the Cedar Wright Gardens deal. “Bidding on existing for-sale properties is becoming even more competitive as investors continue to seek Class B capital improvement opportunities that offer long-term rent appreciation,” said Uranowitz.