River Rock Sells Northern NJ Asset for $52M

Cushman & Wakefield closed the deal.

The Sterling. Image courtesy of Cushman & Wakefield

Blue Diamond Equities has acquired The Sterling, a 128-unit community in Fort Lee, N.J., for $51.8 million. The seller was River Rock Capital, according to Yardi Matrix data. Cushman & Wakefield represented both the seller and the buyer.

The property, completed in 1966, is located at 2055 Center Ave., comprising studios, as well as one- and two-bedroom apartments, with floorplans between 541 and 1,203 square feet. The 15-story building is situated near Interstate 95, very close to the George Washington Bridge offering access across the Hudson River to Manhattan.

The Sterling’s amenities include an updated lobby, a fitness center, laundry facilities, pool and sundeck access, on-site parking, as well as granite countertops and stainless steel appliances.

Cushman & Wakefield Vice Chairmen Niko Nicolaou and Brian Whitmer, Director Ryan Dowd and Financial Analyst Will Gerlin worked for both parties in the transaction. 

The brokerage was part of another significant New Jersey transaction in recent weeks. The company arranged the sale of Homestead at Hamilton, a 195-unit Class A senior housing community in Hamilton, N.J., for $97.5 million.

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