JLL retained to market Reserve at Riverdale
Morris County community features renovated amenities
RIVERDALE, NJ — JLL has been retained on an exclusive basis to arrange the sale of Reserve at Riverdale, a 212-unit multifamily community located at 6000 Riverdale Rd. in Riverdale.
Situated on a 15-acre wooded site, the institutionally developed, owned and managed property includes 200 market-rate apartments and 12 affordable units across two four-story buildings. The community was built in 2010 and offers an average unit size of 1,033 s/f.
All 212 apartments feature original interiors, presenting a value-add opportunity through a comprehensive renovation program. The property’s unit mix includes 77 one-bedroom apartments and 135 two-bedroom apartments, with market-rate residences averaging 1,039 s/f.
Apartment features include nine-foot ceilings, full-size washers and dryers, oversized closets, balconies or private patios, stainless-steel appliances, gas cooking, granite countertops and wood-finished flooring in entry areas and kitchens.
Reserve at Riverdale offers a recently renovated clubhouse featuring a fitness center, yoga and spin studio, business center, resident lounge with a coffee bar, billiards and media room. Additional amenities include a resort-style swimming pool, outdoor grilling areas, a fire pit, courtyards, walking paths and covered parking.
The property provides 413 parking spaces, including 170 surface spaces and 243 covered spaces, for a ratio of 1.95 spaces per unit.
Located near the convergence of I-287 and Rte. 23, Reserve at Riverdale provides access to major employment centers and regional retail destinations, including Willowbrook Mall. The surrounding Morris County market has an average household income of $195,475.
The property’s average monthly rent of $2,899 represents a 67% discount to the estimated cost of homeownership in the surrounding area, where homes within a five-mile radius are valued at more than $679,000.
The JLL marketing team is led by senior managing directors Jose Cruz, Mike Oliver and Steve Simonelli; senior director Elizabeth DeVesty; and director Austin Pierce. Senior analysts CJ Anania and Luke Chakonis are providing analytical support.
JLL’s financing team includes senior managing director Thomas E. Didio Jr. and senior director Gerard Quinn.
