FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 221 Bergen, a 104-unit boutique apartment building in Harrison, New Jersey.
HFF marketed the property exclusively on behalf of the seller, a joint venture between The Hampshire Companies and CrownPoint Development Group, Inc. The TAK Group purchased the asset free and clear of existing debt.
Completed in 2015, 221 Bergen features studio, one- and two-bedroom market-rate units with high-end finishes, including stainless steel appliances, quartz countertops, wood cabinetry, pendant lighting, faux wood plank flooring and in-unit washers and dryers. Common area amenities include a 24-hour fitness center with cardio equipment and yoga room, resident lounge, business center, smartphone security/intercom system, remote-operated garage parking and a furnished rooftop terrace with views of Newark and New York City. Situated on a 1.48-acre site at 221 Bergen Street in Harrison’s walkable downtown, the property is near the Harrison PATH train station, Interstate 280 and Newark Liberty International Airport.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and associate director Marc Duval.
“Harrison continues to attract both private and institutional investors given the access to transportation and quality new construction,” stated Cruz. “221 Bergen is a great example of the types of quality multi-housing properties that are in high demand in the New Jersey market.”
About The Hampshire Companies: The Hampshire Companies is a full service, private real estate investment firm with assets valued at more than $2.3 billion based in Morristown. New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at www.hampshirere.com. To stay connected with The Hampshire Companies and for updates on the latest transactions and news, follow the company on Facebook, Twitter (@hampshireco), and LinkedIn.
About CrownPoint Development Group, Inc. CrownPoint Development Group, Inc. (CrownPoint) is a privately held real estate development and construction firm offering project development, urban redevelopment, construction management, general contracting, owner representation, consulting and disaster rebuild services to entities, companies and corporations throughout the business world. CrownPoint is led by an experienced team of construction professionals who have acquired close to 70 years of industry experience. This experience includes the construction and oversight of more than $354 million in industrial, residential mixed-use, hospitality, retail and renewable energy projects.
About The TAK Group of Companies: The TAK GROUP is a full service developer in commercial, residential and healthcare real estate. Their expertise extends from in house real estate development, acquisitions, construction management to turnkey design build services and asset and property management services. The TAK GROUP has developed and constructed over 10 million square feet of assets within residential, commercial, retail, healthcare and hospitality markets. Headquartered in Clark, New Jersey, The TAK GROUP is privately held and offers more than 30 years of experience in the development of real estate.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.