Done Deals: HFF announces $43 million sale of 12-story apartment property in Fairview, NJ

Saturday, November 10, 2018

HFF announces $43 million sale of 12-story apartment property in Fairview, NJ

The Fairview Apartments, 371 Bergen Boulevard, Fairview,
Bergen County, NJ

Jose Cruz

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.

Stephen Simonelli

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.

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.

Kevin O'Hearn

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 http://www.roizman.com/.

CONTACTS:

JOSE CRUZ

NJ Lic. #8743725

HFF Senior Managing Director