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HACKENSACK, NJ-Representing an affiliated private investment group, the Dallas-based Invesco Real Estate has sold the Pierre Apartments, a 17-story, 269-unit multifamily building here. The buyer was the locally based Hekemian & Co., a major multifamily property owner in Northern New Jersey.

The Pierre, which had been place on the for-sale market last year, was marketed for Invesco Real Estate by Glenn Whitmore, senior managing director, and Andrew Scandalios, managing director in the New York City office of Holliday Fenoglio Fowler. The principals declined to disclose the sale price or other terms of the transaction.

“The Pierre Apartments benefits from an outstanding location in a strong residential market that has limited new construction and high barriers to entry,” according to Scandalios. “This should ensure stable returns and solid appreciation.”

Located at 185 Prospect St. in this Bergen County seat, the Pierre consists of 15 studio apartments, and 112 one-bedroom, 127 two-bedroom and 15 three-bedroom units. The property is currently 95% leased, according to Scandalios.

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