FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announces the $43 million sale of The Fairview, a 12-story, Class A apartment property in Fairview, Bergen County, New Jersey.
The HFF team marketed the property exclusively on behalf of seller, Roizman Development Inc. J.P. Management purchased the property free and clear of existing debt.
The Fairview is located at 371 Bergen Boulevard within the prestigious Bergen County Hudson Waterfront submarket, which provides commuters accessibility into Manhattan via a variety of transportation options. The property consists of a diverse mix of 146 market-rate one-, two- and three-bedroom units averaging 991 square feet. After a full renovation and repositioning in 2017, residences are equipped with in-unit washers and dryers, stainless steel appliances, quartzite countertops, hardwood flooring and balconies in select units. The property also offers a swimming pool, fitness center, covered parking, controlled access and views of the New York City skyline.
The HFF investment advisory team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver, Jordan Avanzato and Ryan Robertson.
“The property’s location in the heart of Fairview in Bergen County helped to drive investor interest while the recent renovation and upside in rents pushed pricing,” Cruz stated.
HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers.
About Roizman & Companies: Roizman & Companies develops successful real estate initiatives by integrating a visionary development company, Roizman Development Inc., with a hands-on management company, S.H.N.I.R. Apartment Management Corp. The highly skilled professionals in these two divisions work together to formulate a unique perspective on how development initiative should evolve, from site selection through development, construction, lease-up and operation. Roizman believes that the business of real estate is also the business of people. Its developments represent a long-term commitment to its residents and their communities. For more information, visit roizman.com
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.