 |
| 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
