10B — December 9 - 22, 2016 — Northern New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N orthern N ew J ersey
Cushman & Wakefield marketing Essex County, NJ, luxury rental community Newly constructed The Preserve at West Caldwell comes online for sale
W EST CALDWELL, NJ — The Preserve at West Caldwell has come onto the market for sale, announced Cushman & Wakefield ’s Metropolitan Area Capital Markets Group. The newly constructed, 30- unit, 28-acre luxury apartment community at 475 Passaic Ave. is being offered for $17 million. In a region defined by high- end bedroom communities with limited options for resi- dents looking to downsize to rental, The Preserve in- cludes 24 age-restricted units. “This Essex County property – which sits in an affluent,
close-knit suburban commu- nity with an active recreation department, neighborhood retail, several parks and tree- lined streets – is perfectly positioned to capture its target market of age 55+ residents,” said Cushman & Wakefield’s Brian Whitmer . “As such, the new development has sta- bilized quickly, making it an outstanding core investment opportunity. It is a perfect 1031 candidate for someone looking for predictability.” Whitmer is marketing The Preserve with Metropolitan Area Capital Markets team members Andrew Merin , James Nelson , Ryan Dowd and David Yaeli . John Alas- cio of the commercial real estate services firm’s Equity, Debt & Structured Finance group is working with the team to procure financing. Averaging 1,328 s/f, The Pre- serve’s two-bath units all offer open concept floor plans and first-class finishes. Residents enjoy ample on-site amenities including a full-time concierge and 24/7 building security, reserved garage parking, a fitness facility, clubhouse, bil- liards room, on-site storage, and other conveniences. “The Preserve has phenom- enal access and is conveniently positioned across the street from a ShopRite supermarket, close to fine restaurants, shop- ping centers, quality health- care,” Whitmer said. “Local recreational attractions in- clude golf courses, bicycling, boating, fishing, bird-watching and hiking trails. These factors combine to give this community a competitive edge in capturing the changing housing demands of the baby boomer generation.” The community is located just 16 miles west of Manhattan. According to Whitmer, in- vestment demand for multi- family product in Northern New Jersey remains high, par- ticularly for newly constructed product in high barrier-to-en- try markets like Essex County. “In a region where multifamily is largely defined by decades old garden-style properties, of- ferings for new, highly ameni- tized assets like The Preserve consistently draw aggressive bidding,” he said. Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes ex- clusively in investment sales of office, industrial, multifam- ily and retail properties. n
The Preserve at West Caldwell
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