HFF Closes Sale of 104-Unit Apartment Building in Harrison

The 104-unit, two-building property changed hands free and clear of existing debt.

by Csilla Borsos

221 Bergen in Harrison, N.J.

221 Bergen in Harrison, N.J.

Harrison, N.J.HFF has recently closed the sale of a 104-unit boutique apartment building on behalf of the seller, a joint venture between The Hampshire Cos. and CrownPoint Development Group. The TAK Group acquired the property free and clear of existing debt. Financial terms of the transaction were undisclosed.

The property occupies a 1.2-acre lot at 221 Bergen St. in downtown Harrison, near the city’s PATH train station, Interstate 280 and Newark Liberty International Airport. Manhattan is roughly 20 miles away.

221 Bergen was completed in 2015 and has a unit mix that includes studio, one- and two-bedroom, market rate residences that claim average rents of $2,104, Yardi Matrix data shows. In-unit features include stainless steel appliances, quartz countertops, faux wood flooring and washers. Common area amenities include a 24-hour fitness center, resident lounge, business center, remote-operated parking space and a furnished rooftop terrace. The two-building community operates at roughly 94 percent occupancy.

“Harrison continues to attract both private and institutional investors given the access to transportation and quality new construction. 221 Bergen is a great example of the types of quality multi-housing properties that are in high demand in the New Jersey market,” said Jose Cruz, senior managing director at HFF, in prepared remarks.

The HFF investment sales team facilitating the deal was led by Cruz, Managing Director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver, as well as Associate Director Marc Duval.

Image courtesy of Yardi Matrix