Redwood closes sale in high-demand Bergen County
Hasbrouck Heights, N.J. January 25th, 2016 – Redwood Realty Advisors is pleased to announce that it has successfully completed the sale of a 21-unit apartment property in Fairview, N.J. The 452 Harding Place property sold for $2.9 million and a cap rate of 5.5%. Stonegate, a private investment group, purchased the property from long-time owner Harding Fairview Inc.
“Bergen County continues to be a very hot investment sales market due to the high barriers to entry that exist,” says Thomas McConnell, CCIM, managing partner at Redwood Realty. “We continue to see sellers who are taking advantage of aggressive pricing, as well as strong demand from buyers who see opportunities to reposition properties and achieve higher rents,” says McConnell.
“We recognized the strength of Bergen County when we began building our portfolio in 2010 and have since invested heavily in the area, which has become the most popular submarket in Northern New Jersey,” says Stonegate Principal Steven Gelbtuch. “We identified 452 Harding Place as a terrific boutique building with enormous opportunity to upgrade the property into a luxury apartment complex,” added Gelbtuch. The property sits atop a cliff that offers beautiful views, and it is less than 2 blocks away from a train station with direct service to Manhattan and nearby retail shopping.
The Redwood Realty Advisors team who worked on this transaction included the following:
Steven Matovski, Director
Michael Scrima, Investment Associate
Kevin McCrann, Managing Partner
Thomas McConnell, CCIM, Managing Partner
Stonegate was established in 2010 by Nat Amsel and Steven Gelbtuch. Stonegate has since
grown its portfolio by capitalizing on market conditions and discovering attractive investment opportunities, subsequently maximizing returns through hands-on turnaround management, value-add capital improvements and timely dispositions. Since its founding date, Stonegate has opportunistically acquired over $100 million in select real estate assets. It has achieved success and has gained an extraordinary track record from its ability to identify and reposition properties from highly motivated sellers at discounts to their intrinsic value.
About Redwood Realty Advisors
Redwood Realty Advisors is a brokerage and advisory firm that focuses exclusively on
multifamily assets. Our team is composed of experienced senior advisors who have proven results in the multifamily investment sector. We pride ourselves on providing our institutional and private clients with our extensive industry experience, hands-on involvement with every transaction, market knowledge and market leading underwriting. For more information on Redwood Realty Advisors, please visit us at www.redwoodrealtyadvisors.com.
Kimberly Bochno • Phone: 201.383.4044