Hasbrouck Heights, NJ — Redwood Realty Advisors has successfully completed the sale of a mixed-use property at 192 Blvd. in Hasbrouck Heights for $5.4 million. The property included 32 apartments and 10 commercial spaces. “This property encompasses nearly an entire city block on a busy Main & Main street with the added benefit of garage parking,” said Steven Matovski, a director at Redwood Realty.
The property sold to a 1031 Exchange buyer at a cap rate of 5.5%. “The low cap rate is a further testament to the strong buyer demand that we continue to see in the market for well-located assets in Bergen County,” said Thomas McConnell, CCIM, a managing partner at Redwood Realty. “The new owners anticipate that they can realize more upside in rent and value in what remains a very high barrier to entry market,” added McConnell. n
The Redwood Realty Advisors’ team who worked on this transaction included the following:
• Thomas McConnell, CCIM, Managing Partner
• Kevin McCrann, Managing Partner
• Steven Matovski, Director
• Saul Ramirez, Investment Associate
About Redwood Realty Advisors
Redwood Realty Advisors is a brokerage and advisory firm that focuses exclusively on multifamily assets. Our team is composed of experienced senior advisors who have proven results in the multifamily investment sector. We pride ourselves on providing our institutional and private clients with our extensive industry experience, hands-on involvement with every transaction, market knowledge and market leading underwriting. For more information on Redwood Realty Advisors, please visit us at www.redwoodrealtyadvisors.com.