Valley View Apartments in Paterson, New Jersey, trades

JLL Capital Markets led the sales efforts for the 100-unit multifamily community

Paterson, NJ –  JLL Capital Markets has closed the sale of Valley View Apartments, a 100-unit multifamily community in Paterson.

JLL represented the seller, Redwood Associates, an affiliate of Value Companies, Inc., in the transaction. EOM Equity acquired the asset.

Built in 1965, Valley View Apartments consists of 79,661 rentable s/f, comprising 76 one-bedroom and 24 two-bedroom homes, averaging 797 s/f overall. Units at the 99% occupied property feature air conditioning, energy-efficient windows, abundant closet space and wall-to-wall carpeting or hardwood flooring, with dishwashers and microwaves available in select homes. Community amenities include on-site laundry, professionally landscaped grounds and extra storage space. Residents have also benefited from ongoing capital improvements over the past several years.

Valley View Apartments is located at 149 Katz Ave. on the border of Paterson, near Wayne and Haledon, with access to the Garden State Parkway and Route 80. Paterson is New Jersey's third-largest city, positioned about 20 miles from Manhattan. Passaic County has an average household income of $118,233 and an average home value of $540,882, with 56% of the workforce in white-collar occupations. Asking rents in the submarket have grown more than 8% over the past three years.

The JLL Capital Markets team was led by senior managing directors Jose Cruz, Mike Oliver and Steve Simonelli, along with senior director Elizabeth DeVesty and director Austin Pierce.

“Valley View has been a well-maintained, stabilized asset in one of New Jersey's most established multi-housing markets, and that gave the buyer real confidence in the underlying real estate,” said Cruz. “There's also clear upside ahead through unit renovations and additional income opportunities.”