Done Deals: HFF closes $23.6M sale The Carlyle Apartments in Hackensack, NJ

Thursday, August 7, 2008

HFF closes $23.6M sale The Carlyle Apartments in Hackensack, NJ

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it participated in the sale of The Carlyle Apartments, (middle left photo by Emporis) a 13-story, 128-unit Class A multifamily building in Hackensack, New Jersey.

HFF senior managing director Thomas Didio (top right photo) represented the seller, Carlyle Apartments, Tenants in Common. The property was purchased by a local investor for $23.6 million.

The Seller was an entity controlled by Hekemian & Company, Inc. a family-owned real estate management and development company with a focus on the Nor

theast and Mid-Atlantic real estate markets.

“HFF did a fine job representing the partnership selling the property,” said Robert Hekemian Jr., a principal at Hekemian.

Located at 380 Prospect Avenue in Hackensack, The Carlyle Apartments is less than six miles northwest of Manhattan and close to Interstates 80/95 and the Garden State Parkway.

The 95% leased property has 89 one-bedroom and 39 two-bedroom units averaging 864 square feet each. Community amenities include a swimming pool and a 124-space parking garage.

“The Carlyle offers strong stable current returns with potential for significant appreciation from the robust rental rate growth projected for the Hackensack submarket and Northern New Jersey, HFF is pleased to have represented the Hekemian Company in the sale of this

asset,” said Didio.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

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