"The purchase gave us an opportunity to increase our Bergen County multifamily portfolio with a property located in our own backyard," according to Adam J. Kent, director of finance and acquisitions for REEG.
"The acquisition was made even more appealing by the fact that we're very familiar with all aspects of the building," adds Greg Van Cleef, the new owner's director of management. "Our management affiliate, Real Estate Management Group, has served as the independent managing agent for the property for more than 25 years."
Financing for the acquisition was arranged by East Hill Realty Advisors and placed with a local savings bank. No further details of the transaction were released.
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