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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 25 Issue 1 January 11 - 24, 2013 Contributing Columnist Heather Kreiger

126-unit, community located in Rochelle Park, a Bergen County, NJ Marcus & Millichap’s McConnell & McCrann secure $15m multifamily sale

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OCHELLE PARK, NJ — Marcus&Millichap Real Estate Invest-

properties is extremely strong throughout New Jersey, and this was an exceptional oppor- tunity in an excellent location,” added Robert Holland , presi- dent and co-managing director. “Morris County has low vacancy and increasing rents. Jon pro- cured an aggressive buyer able to close quickly. The sale was completed within 45 days of contract signing.” The property is located in suburban Dover approximately 30 miles west of New York City. Constructed in 1964, it consists of four brick garden-style build- ings with a combination of stu- dios and one and two bedroom units on over two park-like acres. Financing was provided by Spencer Savings Bank . The seller was represented by An- thony Melleli, Esq . and the purchaser was represented by Jonathan Mehl, Esq. At the time of closing, the property was 100%. n domestic.” “What is unique about this transaction is how infrequently garden apartment complexes with over 100 units trade in Bergen County,” adds Mc- Crann. “You can count on one hand how many similar apart- ment complexes have sold since 1999.” Built in 1964, Swan Court Apartments is located at 235 W. Passaic St. across the street from a 24-hour ShopRite-an- chored shopping center and is within walking distance of the Garden State Plaza Mall. The property is ideally located between the Garden State Parkway, State Route 4, State Route 17 and Interstate 80. Swan Court Apartments is the 55th investment real estate transaction McConnell and McCrann have closed since the market shifted in 2009. Since then, they have arranged an average of more than one trans- action per month. n

ment Services , the nation’s largest real estate investment services firm, has arranged the sale of Swan Court Apart- ments, a 126-unit garden-style apartment community located in Rochelle Park, a Bergen County township. The $15 mil- lion sale price equates to a 5.6 percent cap rate and $119,048 per unit. Thomas McConnell, CCIM and Kevin McCrann , senior associates in Marcus & Mil- lichap’s New Jersey office, represented the seller, Genwill Co. LLC, the builder, owner and manager of the property until the sale. McConnell and McCrann also represented the buyer, Real Estate Growth Advisors LLC , a Highland Park based real estate invest- ment and management com- pany specializing in multifam- ily assets.

2A

Cushman & Wakefield inks sale of LV Industrial asset for $21.3m

Swan Court Apartments

“The Bergen County mul- tifamily marketplace is an extremely competitive envi- ronment with exceptionally high barriers to entry,” says McConnell. “This was the first

time the Swan Court Apart- ments had been available for purchase and the offering garnered a great deal of atten- tion from public and private investors, both foreign and

5B

2013 Forecast

VP Greenberg of The Kislak Co. represents both parties in $11.45 million sale of Dover Hills apt.

Mid Atlantic R eal e state J ouRnal 2013 F orecast

MidAtlantic RealEstateJournal—January11-24,2013—SectionC

www.marejournal.com

DOVER, NJ — The Kislak Company, Inc. announced the $11.45 million sale of Dover Hills, a 100-unit apartment complex. Vice president Jona- than Greenberg represented both parties, longtime Kislak clients, in the transaction. “It is rare that a property of

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Section C

Directory

New Jersey. ................................. 9-22A Southern NJ Spotlight. .............. 15-19A Green Buildings......................... 27-29A People on the Move....................... 26A Pennsylvania..........................section B 2013 Forecast......................... Section C

Dover Hills

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this size and quality becomes available in such a high de- mand area where multifamily properties rarely trade,” said Greenberg. “We are extremely pleased to have been given the

opportunity to market Dover Hills on an exclusive basis. And I believe the sale was the largest single multifamily sale in Morris County this year.” “The market for multifamily

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