JLL Capital Markets arranges $80 million sale of the four-property Westwood multi-housing portfolio in River Vale, NJ

 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.