New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Pearlmark Fund Acquires Bergen County Multifamily
Pearlmark and Invel Capital closed on the acquisition of Waldwick Station, a 2017-vintage, 110-unit, transit-oriented multifamily property located in the affluent, densely populated Bergen County community of Waldwick, NJ. Deal terms weren’t disclosed. The property is situated adjacent to the Waldwick NJ Transit station with a footbridge to the station’s platforms, providing residents with direct walking access to the train.
Waldwick Station is one four-story, elevator-serviced building with 922 square feet of retail space leased to a coffee shop, and a parking garage at grade. It represents the seventh acquisition in Pearlmark Equity Partners II, L.P., Chicago-based Pearlmark’s value-add equity fund.
Stephen Quazzo, CEO of Pearlmark, said, “Waldwick Station represents a sought-after opportunity to acquire a property directly from the developer at a compelling basis with value-oriented rents providing significant downside protection. We look forward to partnering with Invel, an established local player, and leveraging their property management arm to drive performance.”
- ◦Sale/Acquisition
