Paterson Apartment Community Changes Hands

EOM Equity has acquired a 100-unit apartment community in Paterson, NJ, from Redwood Associates, an affiliate of Value Companies, Inc. JLL Capital Markets facilitated the sale of the 99% occupied community, Valley View Apartments.

Built in 1965, the property is located at 149 Katz Ave. and features 79,661 rentable square feet across a mix of 76 one-bedroom and 24 two-bedroom units, averaging 797 square feet overall. The JLL Capital Markets team was led by senior managing directors Jose Cruz, Mike Oliver and Steve Simonelli, along with Senior Director Elizabeth DeVesty and Director Austin Pierce.

“Valley View has been a well-maintained, stabilized asset in one of New Jersey’s most established multi-housing markets, and that gave the buyer real confidence in the underlying real estate,” noted Cruz in a statement. “There’s also clear upside ahead through unit renovations and additional income opportunities.”