MORRISTOWN, NJ - JLL Capital Markets announced today that it has closed the sale of Alister Nanuet, a 504-unit, value-add multi-housing community located in Nanuet, New York.
JLL worked on behalf of the seller. Cammeby’s acquired the asset, moving from contract to closing in less than 30 days.
With an average size of 1,208 square feet, the units of Alister Nanuet feature oversized windows, nine-foot ceilings, walk-in closets, in-unit washers and dryers, open-concept living spaces and private patios or balconies. Select units offer stainless steel appliances, granite kitchen and bath countertops, wood plank-style flooring and gas fireplaces. The community offers a renovated clubhouse, a state-of-the-art fitness center, a fenced-in dog park, a swimming pool, outdoor grilling and picnic areas, tennis courts and a playground.
Located less than a mile from the intersection of the Garden State Parkway, Interstate-287, and the Palisades Interstate Parkway, residents can easily access New Jersey, Connecticut and New York. In addition, Alister Nanuet is less than three miles from the Spring Valley and Nanuet Metro North Stations and Park and Rides, providing additional train and bus access to midtown and lower Manhattan. The property is only 10 miles from the Mario Cuomo Bridge and the New Jersey border, creating a short commute to employment areas in Westchester and Bergen Counties. Several shopping and retail destinations are proximate to the community on NY-59, including Apple, Target, Costco, Home Depot, Staples, Marshalls and Bed Bath & Beyond.
The JLL Capital Markets team representing the borrower was led by Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O'Hearn and Michael Zlotnick.
“The renovation upside and infill location drove the investor interest for Alister Nanuet,” said Cruz. “The suburban New York area multi-housing market is going into 2022 with strong rent growth and significant demand from multiple capital sources.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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