SELA Realty Buys NYC-Area Community
The property underwent an office-to-residential conversion in 2014.
Image courtesy of JLL Capital Markets
SELA Realty Investments has purchased Ridge Pointe, a 132-unit community in Fort Lee, N.J., in a transaction brokered by JLL Capital Markets. A partnership between The Chetrit Group and UNLMTD Real Estate Group previously owned the asset, Yardi Matrix data shows. Balbec Capital issued a floating-rate acquisition loan.
Originally built in 1985 as an office building, Ridge Pointe was converted into a multifamily property in 2014. The seven-story community encloses apartments with studio, one-, two- and three-bedroom layouts averaging 1,296 square feet. The 20,000 square feet of shared amenities include a rooftop lounge, golf simulator, screening room, fitness facility, spin room, yoga room, billiards room and children’s playroom.
Located at 1 Executive Drive, Ridge Pointe is just off the interchange between Interstate 95, U.S. Route 4 and New Jersey State Route 4. George Washington Bridge is less than 1 mile away, connecting the area to Manhattan’s Washington Heights neighborhood, some less than 4 miles east.
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The JLL Capital Markets team representing the seller included Senior Managing Directors Mike Oliver, Steve Simonelli and Jose Cruz, Senior Director Elizabeth DeVesty, Director Austin Pierce and Senior Analyst CJ Anania. JLL’s Senior Managing Director Thomas E. Didio Jr, Senior Director Gerard Quinn, Associate Michael Mataras and Analyst Tyler Caricato were part of the team that secured the loan on behalf of the buyer.
NYC’s recent investment landscape
Recent multifamily deals in Northern New Jersey include Invesco Real Estate’s acquisition of 1000 Jefferson earlier this month. The 217-unit community in Hoboken, N.J. traded in a transaction arranged by JLL Capital Markets.
Across the Hudson River, the largest multifamily deal in Manhattan in June was Friedman Management Corp.’s sale of 349 W. 42nd St. & 350 W. 43rd St., a two-building property dubbed the Ivy Tower. Go Residential paid $148.3 million for the asset.
