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Boutique Apartments in Bergen County Trade to Private Investor
CBRE finalized the sale of The Schoolhouse, a three-building, 31-unit, apartment complex in Ridgewood, NJ. A private real estate family acquired the boutique property for $14,325,000.
The CBRE team of Nat Gambuzza and Spencer Beriont represented the seller, 158-174 Union Street LLC, and marketed the Bergen County property through a competitive marketing campaign.
“This asset was uniquely positioned to garner the attention of the private capital pool looking for a quality asset in a stellar location with a value-add play,” said Gambuzza.
The Schoolhouse was built in stages between 1960 and 1980 and is within wwalking distance to downtown Ridgewood.
The winning bid was negotiated with limited due diligence and an all-cash offer. “The 4.16% cap rate and $462,000 price-per-unit are metrics expected from this type of sought-after apartment building and is a testament to the rarity of the asset,” Beriont said.
- ◦Sale/Acquisition
