Brokers from the Livingston, NJ-based Gebroe-Hammer Associatesorchestrated the transaction for the high-profile property.Managing director Ken Uranowitz, VP Greg Pine and sales associateSteven Follman represented seller Hekemian & Co., a locallybased company that is a major owner of multifamily, retail andmixed-use properties in Northern New Jersey and elsewhere in aportfolio valued in the $1-billion range. The trio of brokers alsoprocured the unidentified buyer, which was described only as aprivate New Jersey-based investment group.

"The Carlyle is at the center of Hackensack's best residentialneighborhood," says Uranowitz, noting that its 380 Prospect Ave.location is surrounded by a mix of single-family, mid-rise andhigh-rise residential buildings, commercial offices and thewell-known Hackensack University Medical Center and related medicaloffices.

According to Gebroe-Hammer's market stats, residential occupancyrates for the area overall top the 98% mark, providing "a majorlure for investors looking to enhance their net operating incomethrough rent appreciation," Uranowitz says. "It's rare that aproperty of this caliber comes to market in Bergen County, wheremultifamily housing product is being acquired at an unprecedentedrate. The sale coincides with a market inundated by both seasonedand first-time investors at a time when the supply of multifamilyhousing product in all class categories is extremely limited."