For HFF, the assignment has gone to senior managing directors Glenn Whitmore and Joe Morningstar, and managing director Andrew Scanalios. "The Pierre represents an opportunity to acquire an asset within one of the most popular rental residential areas of Hackensack, as evidenced by high occupancy rates," according to Whitmore.
The Pierre, which is currently 95% occupied, is a 17-story building with 16 studio, 111 one-bedroom, 127 two-bedroom and 15 three-bedroom units. The current owner has spent about $1 million to renovate individual units and common areas of the property, which was built in 1970.
"Adding to the value of this asset are the high barriers to entry in Northern New Jersey, which should ensure ongoing competitive stability and value appreciation for this property," according to Morningstar.
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