The Largest Multifamily Sale of 2020
Gebroe-Hammer Associates, The River Club, Edgewater, NJ
Size: 266 units
Brokers: Joseph Brecher, Executive Managing Director
A New Jersey Gold Coast property built in 1998 and sold in 2020 for $126.25+M, The River Club is an amenity-rich apartment-rental community in the heart of one of the top-performing, highest-barrier-to-entry apartment markets in the nation. The single-building, 4-story property features a mix of 1BR & 2BR units (800-1200 s/f) with 1.5-2.5 baths. The November, 2020 sale, which garnered an astounding $474,624 per unit price, presents the unnamed buyer with the opportunity to elevate The River Club’s asset-class category and compete for premium rents and the area’s sophisticated tenant base.