Kushner-Griffen Partnership Sells Two NJ Apartments for $75M
CBRE states that the properties attracted offers from 15 separate investment groups.
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HASBROUCK HEIGHTS, NJ—A consortium of Griffen Ltd. and Kushner Companies has sold the Skyline Apartments and Boulevard Apartments communities in Hasbrouck Heights and Lodi for a combined sale price of $75.25 million.
The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steven Bardsley, David Gavin and Eric Apfel, along with Nat Gambuzza, represented Griffen and Kushner Companies in the sale and also procured the buyer, a New York-based private investment firm.
CBRE states that the properties attracted offers from 15 separate investment groups. Skyline Apartments features 124 apartments, while Boulevard Apartments is a 214-unit community. Both properties’ locations are highly convenient for regional commuting as Route 46 and I-80 are just minutes away and connect to a vast network of highways and major regional employers.
“We are pleased to have represented Griffen Ltd. and Kushner Companies in the sale of these assets,” CBRE’s Dunne says. “The sellers have seized on the market’s appetite for quality workforce housing. Demand for this type of property is as strong as we have experienced. We expect the purchaser will do well with their investment as renter demand for well-maintained Class B apartments is also at historic levels with rent growth for workforce housing outpacing that of Class A. This is expected to continue for years ahead.”
CBRE Institutional Properties is currently marketing for sale La Bonne Vie, a 643-unit apartment community in Patchogue, NY; The Royce, a 340-unit apartment community in Trumbull, CT; The Monroe, a 148-unit apartment complex in Morristown, NJ; Avalon Shelton, a 250-unit apartment community in Shelton, CT; and The Waypointe, a 464-unit mixed use community with 56,000 sq. ft. of retail in Norwalk, CT.