Garfield’s Transit Crossing Development Changes Hands
CBRE SVP Gambuzza says the brokerage firm received more than 10 offers. The New York-based buyer’s investment was its first multifamily acquisition in New Jersey.
GARFIELD, NJ—The recently completed 75-unit Transit Crossing apartment complex here has been sold to a New York investor.
Commercial brokerage firm CBRE reports that the newly developed two-building complex at 163-200 Schley St. was sold stabilized to an out-of-state investor for an undisclosed sale price.
The CBRE team of Nat Gambuzza, John Veniero and Spencer Beriont represented the seller and marketed the residential property to more than 10,000 potential investors.
CBRE SVP Gambuzza says the brokerage firm received more than 10 offers. The New York-based buyer’s investment was its first multifamily acquisition in New Jersey.
Built in 2018, Transit Crossing is a luxury multifamily property consisting of 21 one-bedroom and 54 two-bedroom apartments. The complex offers 15 open concept floorplans that include ample closet space, in-unit washers and dryers, dishwashers, spacious bedrooms and General Electric kitchen appliances. Transit Crossing has a variety of amenities including two lounges, a fully equipped fitness center, package room and key fob entry.
“Newly constructed properties conveniently located near public transportation provide stability for investors. 200 Schley Street is just steps from the Plauderville Train Station, offering quick access to New York’s Penn Station. Due to its age, there will be low operating expenses with little going towards repairs and maintenance or capital improvements,” Gambuzza notes.