Garfield Multifamily on the Market for Sale
The developer of the 104-unit luxury development at 600 Autumn Lane in Garfield has hired commercial real estate services firm Cushman & Wakefield to market the property.
GARFIELD, NJ—The newly constructed River Edge at Garfield development here has been put on the market for sale.
The developer of the 104-unit luxury development at 600 Autumn Lane in Garfield has hired commercial real estate services firm Cushman & Wakefield to market the property.
“River Edge is set in an attractive neighborhood along the Passaic River,” says Cushman & Wakefield’s Brian Whitmer, who is heading the assignment with Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Dowd, Mark Phillips, John Alascio and Sri Vankayala of the firm’s capital markets team. “It offers an outstanding location for commuters—just minutes from mass transit and major highways including Route 46, Route 20/21, I-80 and the Garden State Parkway via Exit 157.”
Built in 2017 and currently 98% leased, River Edge at Garfield consists of two, four-story residential buildings over covered parking. The property’s studio, and one- and two-bedroom units that average 1,020 square feet feature nine-foot ceilings, spacious floor plans, stainless steel appliances, granite counter tops, hardwood floors and individual washer/dryers. The 3.4-acre community also offers amenities that include an outdoor swimming pool with tanning area, outdoor patio, covered parking, fitness center, package concierge services and a virtual doorman.
“River Edge offers an investor the opportunity to own one of Bergen County’s newest apartment communities in an extremely high barrier to entry submarket, allowing for sustained future appreciation,” Whitmer notes. “The property also offers significant near-term revenue growth potential by stabilizing rental rates upon rollover and increasing other income through additional property enhancements.”
River Edge at Garfield is located less than two miles from New Jersey Transit train service to Penn Station and a 10-minute drive to Northern New Jersey attractions including MetLife Stadium, American Dream, Teterboro Airport, Newark International Airport and the Garden State Plaza Mall.