WESTWOOD, NJ – HFF has closed the $56.5 million sale of a four-property, 276-unit multi-housing portfolio owned by Hartz Mountain Industries in Westwood and River Vale in Bergen County, NJ. Kushner Companies purchased the properties.
The fully stabilized portfolio includes one- and two-bedroom units averaging 798 square feet.
Individual property details are listed below:
| Property Name | Address | Size |
| Coventry Square | 20-46 Charles Street; Westwood, NJ | 103 Units |
| Stanford Place | 500 Center Avenue; Westwood, NJ | 71 Units |
| The Madison | 99 Madison Avenue; Westwood, NJ | 56 Units |
| Village on the Green | 229 Collignon Way; River Vale, NJ | 46 Units |
The HFF investment sales team representing the seller was led by senior managing directors José Cruz and Andrew Scandalios, managing directors Kevin O'Hearn and Jeffrey Julien and associate director Michael Oliver.
“An opportunity to acquire a multi-housing portfolio in northern Bergen County, NJ is a rare occurrence,” says Cruz. “As a result, the buyer pool aggressively chased the asset and the process produced more than 12 bidders.”
“The properties were among the first residential communities that we acquired when we decided to add multi-housing into our portfolio,” says Emanuel Stern, COO and president for Hartz Mountain Industries. “We've been really happy with these properties and we know Kushner will be as well.”
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
