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CushWake Closes Sale of Northern NJ Value-Add Apartments
Cushman & Wakefield arranged the sale of 559 Anderson Ave., a 27-unit multifamily asset situated in Cliffside Park, NJ. The final sale price was $6,100,000, or $225,926 per unit.
The team of Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller, A&J Inc., and procured the buyer, JTS Inc. The fully-leased, five-story property includes 24 apartments with three additional units converted to medical offices.
“This property presents a unique value-add opportunity; through basic capital improvements; there is strong upside potential for new ownership,” said Schwartz. “We’re continuing to see strong demand for value-add multifamily assets throughout Northern New Jersey, especially considering the low interest rates the market is currently experiencing.”
The property is conveniently situated within walking distance to a multitude of amenities, including Anderson Centre, Reservoir Plaza and the Strip Center at 729 Anderson Ave. It’s also convenient to four parks within less than 10 miles.
- ◦Sale/Acquisition

