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| Swan Court Apartments, Rochelle Park, NJ |
ROCHELLE PARK, N.J., Nov. 27, 2012 – Marcus & Millichap
Real Estate Investment Services, the nation’s largest real estate investment
services firm, has arranged the sale of Swan Court Apartments, a
126-unit garden-style apartment community located in Rochelle Park in Bergen
County.
The $15 million sales price equates to a 5.6 percent cap
rate and $119,048 per unit.
Thomas
McConnell, CCIM and Kevin McCrann, senior associates in Marcus &
Millichap’s New Jersey office, represented the seller, Genwill Co. LLC, the
builder, owner and manager of the property. McConnell and McCrann also
represented the buyer, Real Estate Growth Advisors LLC, a Highland Park,
N.J.-based real estate investment and management company specializing in
multifamily assets.
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| Thomas McConnell |
“The Bergen County multifamily
marketplace is an extremely competitive environment with exceptionally high
barriers to entry,” says McConnell. “This was the first time the Swan Court
Apartments had been available for acquisition and the asset garnered a great
deal of attention from public and private investors, both foreign and
domestic.”
“What is
unique about this transaction is how infrequently garden apartment complexes
with over 100 units trade in Bergen County,” adds McCrann. “You can count on
one hand how many similar apartment complexes have sold since 1999.”
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| Kevin McCrann |
Built in
1964, Swan Court Apartments is located at 235 W. Passaic St. across the street
from a 24-hour ShopRite-anchored shopping center and is within walking distance
of the Garden State Plaza Mall. The property is ideally located between the
Garden State Parkway, State Route 4, State Route 17 and Interstate 80.
Swan
Court Apartments is the 55th investment real estate transaction McConnell and
McCrann have closed since the market shifted in 2009. Since then, they have
arranged an average of more than one transaction per month.
Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
1 comment:
Well thanks for such a helpful post with the most descriptive info inregards to the NJ apartments well one can actually such pretty apartments in NY too like those of New York Chelsea Apartment by Griffin.
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