Tuesday, August 26, 2014

HFF closes $56.5 million sale of 4-property Bergen County, NJ multi-housing portfolio


Jose Cruz
FLORHAM PARK, NJ – HFF announced it has closed the $56.5 million sale of a four-property multi-housing portfolio totaling 276 units in the suburbs of Westwood and River Vale in Bergen County, New Jersey.

                HFF marketed the portfolio on behalf of the seller, Hartz Mountain Industries, Inc.  Kushner Companies purchased the unencumbered properties for $56.5 million.

                The fully-stabilized portfolio includes one- and two-bedroom units averaging 798 square feet.  Individual property details are listed below:

Coventry Square, 20-46 Charles Street; Westwood, New Jersey, 103Units
 Stanford Place, 500 Center Avenue; Westwood, New Jersey, 71 Units
 The Madison, 99 Madison Avenue; Westwood, New Jersey, 56 Units
 Village on the Green, 229 Collignon Way; River Vale, New Jersey, 46 Units

Andrew Scandalios
                The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Michael Oliver. 

According to Cruz, “This sale provided an opportunity to acquire a multi-housing portfolio in northern Bergen County, New Jersey, which is a rare occurrence.  As a result, the buyer pool aggressively chased the asset and the process produced more than 12 bidders.”

                “The Westwood and River Vale properties were among the first residential communities that we acquired when we decided to add multi-housing into our portfolio,” said Emanuel Stern, COO and president for Hartz Mountain Industries.  “We’ve been really happy with these properties and we know Kushner will be as well.”

Headquartered in Secaucus, New Jersey, Hartz Mountain Industries, Inc. owns and manages one of the largest privately held commercial real estate portfolios in the United States, comprised of approximately 200 properties and totaling more than 38 million square feet in the northern New Jersey/New York area as well as Chicago, Seattle and Austin, Texas. 

Kevin O'Hearn
 Hartz began its residential portfolio in 2010 with the acquisition of a four-property apartment portfolio in North Jersey, which has since grown to more than 3,500 units in New Jersey, New York, Chicago, Seattle and, most recently, Austin, Texas. 

Hartz employs a comprehensive approach to real estate for leasing, management, finance, acquisition, architecture, construction, development, planning, and marketing, design and property management that allows the company to remain at the forefront of commercial, industrial, retail and hotel development.

In the past few years, Hartz has led the “green” way through a comprehensive program to reduce waste and energy use, while increasing clean energy production via investments in solar energy.  

Hartz has been recognized by Solar Energy Industry Association (SEIA) and the Vote Solar Initiative as top 20 commercial solar power users in the U.S.; and New Jersey Business and Industry Association (NJBIA) gave Hartz the “Environmental Quality Award”.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

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