Printer-friendly version FLORHAM PARK, NJ - August 25, 2014 – HFF announced today that it has closed the $56.5 million sale of a four-property multi-housing portfolio totaling 276 units in the suburbs of Westwood and River Vale in Bergen County, New Jersey.
HFF marketed the portfolio on behalf of the seller, Hartz Mountain Industries, Inc. Kushner Companies purchased the unencumbered properties for $56.5 million.
The fully-stabilized portfolio includes one- and two-bedroom units averaging 798 square feet. Individual property details are listed below:
20-46 Charles Street; Westwood, New Jersey
500 Center Avenue; Westwood, New Jersey
99 Madison Avenue; Westwood, New Jersey
Village on the Green
229 Collignon Way; River Vale, New Jersey
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Michael Oliver.
According to Cruz, “This sale provided an opportunity to acquire a multi-housing portfolio in northern Bergen County, New Jersey, which is a rare occurrence. As a result, the buyer pool aggressively chased the asset and the process produced more than 12 bidders.”
“The Westwood and River Vale properties were among the first residential communities that we acquired when we decided to add multi-housing into our portfolio,” said Emanuel Stern, COO and president for Hartz Mountain Industries. “We’ve been really happy with these properties and we know Kushner will be as well.”
Headquartered in Secaucus, New Jersey, Hartz Mountain Industries, Inc. owns and manages one of the largest privately held commercial real estate portfolios in the United States, comprised of approximately 200 properties and totaling more than 38 million square feet in the northern New Jersey/New York area as well as Chicago, Seattle and Austin, Texas. Hartz began its residential portfolio in 2010 with the acquisition of a four-property apartment portfolio in North Jersey, which has since grown to more than 3,500 units in New Jersey, New York, Chicago, Seattle and, most recently, Austin, Texas.
Hartz employs a comprehensive approach to real estate for leasing, management, finance, acquisition, architecture, construction, development, planning, and marketing, design and property management that allows the company to remain at the forefront of commercial, industrial, retail and hotel development.
In the past few years, Hartz has led the “green” way through a comprehensive program to reduce waste and energy use, while increasing clean energy production via investments in solar energy. Hartz has been recognized by Solar Energy Industry Association (SEIA) and the Vote Solar Initiative as top 20 commercial solar power users in the U.S.; and New Jersey Business and Industry Association (NJBIA) gave Hartz the “Environmental Quality Award”.
Kushner Companies is a diversified real estate organization headquartered in New York City. It is responsible for the ownership, management, development, and redevelopment of numerous properties. Their national reach consists of more than 20,000 multifamily apartments, as well as 10 million square feet of office, industrial and retail space throughout New York, New Jersey, Pennsylvania, Maryland, Ohio and Illinois.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.