ACKENSACK, NJ—Stonegate Realty has acquired the Madison Arms, 52-80 Madison Street,  Hackensack, NJ, for $8.7 million, and the firm says it will renovate the property as it has done with others in its portfolio.

“In keeping with our focus on buying well located, value-add opportunities, we plan on repositioning the property with unit improvements and property upgrades over time,” Steven Gelbtuch, CEO of Stonegate, tells exclusively. “As apartments turn over we plan on renovating the units to high-end luxury apartments similar to those in the Stonegate portfolio. Stonegate has a passion for reimagining outdated properties and breathing new life into projects that have good locations.”

The 52-unit garden-style apartment complex, built in 1986 with onsite parking for each tenant, was fully leased at the time of acquisition.

The property is located near Route 4, close to The Shops at Riverside mall and across the street from mass transit providing direct access to Manhattan.  Stonegate owns a large portfolio of multifamily and office properties in northern New Jersey. This asset will compliment their strategy in the Bergen county market which continues to be a hot market due to the high barriers of entry.

Gebroe-Hammer Associates facilitated the transaction. “Stonegate has built a strong relationship with Gebroe-Hammer, and we have collaborated on several investments with great success,” Gelbtuch says. “We are delighted to add Madison Arms to our portfolio of residential investments in a deal that demonstrates the multifaceted, upside potential of our growing multifamily portfolio.”