JP Management Acquires Begen County MF from Roizman Development for $43M
“The property’s location in the heart of Fairview in Bergen County helped to drive investor interest while the recent renovation and upside in rents pushed pricing,” says HFF's José Cruz.
FAIRVIEW, NJ—J.P. Management has acquired The Fairview, a 12-story, class A apartment property in Fairview, Bergen County, NJ, from Roizman Development for $43 million.
A Holliday Fenoglio Fowler team led by José Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver, Jordan Avanzato and Ryan Robertson marketed the property exclusively on behalf of the seller. J.P. Management purchased the property free and clear of existing debt.
“The property’s location in the heart of Fairview in Bergen County helped to drive investor interest while the recent renovation and upside in rents pushed pricing,” says Cruz.
The Fairview, 371 Bergen Boulevard, is in the Bergen County Hudson Waterfront submarket, which provides easy access to Manhattan via a variety of transportation options.
The property consists of a diverse mix of 146 market-rate one-, two- and three-bedroom units averaging 991 square feet. After a full renovation and repositioning in 2017, residences are equipped with in-unit washers and dryers, stainless steel appliances, quartzite countertops, hardwood flooring and balconies in select units. The property also offers a swimming pool, fitness center, covered parking, controlled access and views of the New York City skyline.