NJ Community Sells for $27M

By Corina Stef

River Edge at Garfield, Garfield, N.J.

The 100-unit River Edge at Garfield, a Class A multifamily property located in Garfield, N.J., traded for $27 million. The buyer was a joint venture of C6 Real Estate Partners and institutional private equity firm Citymark Capital. C6 will handle all aspects of investment execution on behalf of the partnership.

Located at 600 Autumn Lane in Garfield, N.J., the apartment community comprises one- and two-bedroom units ranging from 834 to 1,217 square feet. Rent prices start at $1,925 and go as high as $2,585 per month. The premier asset was completed in 2017, and features over-sized floor plans, nine-foot ceiling heights, a large outdoor swimming pool, two gyms, virtual doorman and package concierge.

Amenity-filled area

River Edge at Garfield is located in the vicinity of gyms, museums, theaters, restaurants, schools and retailers, minutes from mass transit and major highways such as routes 20, 46 and 80, Interstate 95 and the Garden State Parkway. The New Jersey Transit train to Penn Station is less than two miles away. Additionally, Manhattan is 15 miles away.

“River Edge is a rare off-market acquisition of luxury multifamily units in tightly constrained Bergen County, N.J. We are excited to bring institutional ownership and management standards to the value creation plan for this asset. The property benefits from being part of a larger master-planned community that includes luxury condos, and is positioned as best-in-class from a quality of life and amenity standpoint,” C6 Principal Brian DiSalvo said in prepared remarks.

Image via www.riveredgeapts.com