BERGEN/PASSAIC COUNTIES, NJ — Long considered one of the highest-barrier-to-entry multi-family investment submarkets in the state, the Bergen/Passaic County apartment-property corridor continues to live up to its enduring reputation, according to Gebroe-Hammer Associates. While for-sale product remains scarce – and the investor pool abundant – the firm’s market specialists have recorded a total of $154.3+M in sales encompassing over 839 units since midyear.
One of the latest Bergen County trades involves the sale of Valley West Apartments, located at 245 Valley Rd. in Wood-Ridge, which garnered a per-unit price of $250,000. The transaction was arranged by executive vice president Greg Pine, who exclusively represented the owner – the original developer of the circa-1974 building comprised of one medical office and all one-bedroom/one bath layouts – and procured the buyer, a private investor. Senior vice president Debbie Pomerantz also served as a member of the brokerage team. In addition, Pine represented the same seller/developer in the $8.2M sale of 35 units built in 1980 in nearby Englewood late last year. Executive Vice President Stephen Tragash procured the buyer in that trade.