NJ Community Changes Hands for $43M
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The 12-story residential property is located in the heart of Fairview in Bergen County and that drove investor interest. The Fairview was renovated in 2017.
The Fairview, a 146-unit community in Fairview, N.J., has a new owner. HFF secured the $43 million sale on behalf of the seller, Roizman Development Inc. J.P. Management acquired the asset.
Located at 371 Bergen Blvd., within the Bergen County Hudson Waterfront submarket, the property offers a variety of transportation options for getting to Manhattan. The 12-story building includes a mix of one-, two- and three-bedroom units averaging 991 square feet.
In 2017, Roizman Development completed a number of interior renovations on The Fairview, adding such amenities as in-unit washer/dryers, stainless steel appliances, hardwood flooring, quartz countertops and balconies in some units. Built in 1995, the community includes such common-area amenities as:
- laundry facilities
- 24-hour fitness center
- community room
- outdoor rooftop pool
Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver, Jordan Avanzato and Ryan Robertson were part of the HFF investment advisory team that represented the seller.
“The property’s location in the heart of Fairview in Bergen County helped to drive investor interest while the recent renovation and upside in rents pushed pricing,” Cruz said in a prepared statement.
In another recent deal, HFF secured a $55.2 million Freddie Mac loan for a 436-unit community in Denver.
Image courtesy of HFF