 |
| Elizabeth DeVesty |
MORRISTOWN, N.J – JLL Capital Markets has arranged the
$80 million sale of the Westwood Multi-housing Portfolio, a four-property,
276-unit multifamily portfolio located in Westwood and River Vale, New Jersey.
 |
| Jose Cruz |
JLL worked on behalf of the
seller, Kushner, in procuring the private buyer.
JLL Capital Market’s Investment and Sales Advisory team representing the
seller was led by Senior Managing Directors Jose Cruz, Mike Oliver and Steve
Simonelli, Director Elizabeth DeVesty and Associate Austin Pierce.
"The successful sale of the
Westwood Multi-housing Portfolio underscores the strong investor demand for
quality multifamily assets in high-demand markets like Bergen County,"
said Cruz.
"This transaction highlights the appeal of properties with
substantial value-add potential and the continued interest in suburban markets
offering accessibility, strong demographics, and a high quality of life."
The portfolio is comprised of
Coventry Square, Stanford Court and The Madison Apartments, all located in
Westwood. Additionally, Village on the Green is situated in the adjacent town
of River Vale.
 |
| Mike Oliver |
Bergen County is an affluent area
characterized by strong demand and a high quality of life, supported by major
employers such as Hackensack Meridian Health and BMW's North American
headquarters.
The average annual household income within a three-mile radius of key
locations is $212,822, which is 31% above the county average and a remarkable
62% of residents have a bachelor’s degree or higher, with 82% employed in
white-collar professions.
The portfolio, built between 1979
and 1987, spans 11.79 acres and is currently 96% occupied. It comprises one-
and two-bedroom units, each featuring full kitchens with energy-efficient
appliances, granite countertops and hardwood flooring.
 |
| Steve Simonelli |
Community amenities include a fitness center, swimming pool, tennis
court and dog parks. With most units unrenovated, the portfolio presents an
excellent value-add opportunity for the buyer.
JLL Capital Markets is a
full-service global provider of capital solutions for real estate investors and
occupiers.
The firm's in-depth local market and global investor knowledge delivers
the best-in-class solutions for clients — whether investment sales and
advisory, debt advisory, equity advisory, or recapitalization. The firm has
more than 3,000 Capital Markets specialists worldwide with offices in nearly 50
countries.
For more news, videos and
research resources, please visit JLL’s newsroom.
About Kushner
Kushner is a diversified real estate organization
specializing in the ownership, management, development and redevelopment of
properties across the United States.
 |
| Austin Pierce |
With a portfolio that
includes over 22,000 multifamily apartments across 14 states, as well as 13
million square feet of office, industrial, hotel, and retail space, Kushner is
committed to creating productive, efficient, and state-of-the-art environments
for its tenants.
Guided by past successes and an innovative
vision for the future, the company has established a significant presence in
key markets such as New York, New Jersey, and several other states nationwide.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global
commercial real estate and investment management company, has helped clients
buy, build, occupy, manage, and invest in a variety of commercial, industrial,
hotel, residential, and retail properties.
A Fortune 500 company with an annual
revenue of $20.8 billion and operations in over 80 countries around the world,
our more than 110,000 employees bring the power of a global platform combined
with local expertise.
Contact:
Gréta Kieras,
Senior Associate
Public Relations
Phone: +1 949
930 8498
Email: greta.kieras@jll.com
jll.com.
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