8B — June 2024 — Northern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N orthern N ew J ersey
Property offers a mix of 1BR & 2BR units along Kinderkamack Road in Oradell, NJ SAGE Investment Real Estate Advisors announces sale of 24-unit Bergen County apartment complex
O RADELL, NJ — SAGE Investment Real Estate Advi- sors (SAGE) has announced the sale of a 24-unit gar- den-apartment complex in Oradell for an undisclosed price. The firm’s partners and co-founders Greg Pine and Steve Tragash managed the sales process and arranged the transaction on behalf of long-term ownership, Oradell Associates LLC. SAGE also procured the unnamed buyer, a private in- vestor that has been active in Bergen County over the years.
456 Kinderkamack Rd.
Located at 456 Kinderkamack Rd., this well-maintained courtyard-style property is two blocks from the Oradell Avenue/Kinderkamack Road intersection and the borough’s main business district. NJ Transit’s Oradell Station, with service along the Pascack Val- ley Line, and NJ Transit Bus Route 165 are within a four- minute walk. “This owner, with whom I’ve had a relationship for the past 15 years, has owned and been a remarkable steward for the property since the 1960s, making it an attractive value- add offering. Because of this, Oradell Apartments was sold at a very aggressive cap rate attributable to its below-mar- ket rents,” said Pine. “There are two parallel investment storylines in the market right now – new construction and value add. Both asset classes are highly desirable – depend- ing on the investor’s mandate. Several buyers expressed in- terest in this specific property based on the location, size and opportunity for a new owner to create value.” In addition to closing the sale of Oradell Apartments, SAGE recently was involved in the sale of 59 class A multi- family units at The Metropoli- tan Lofts in downtown Mor- ristown, and a garden-style property in Elizabeth. SAGE is a fully integrated brokerage firm specializing in commercial real estate investment. Using market experience and an authentic approach, SAGE meets the full spectrum of its client needs. The firm’s nimble methodol- ogy approach to each deal, in combination with precision marketing or a broad-stroke campaign as well as long-term relationships, is key to SAGE’s philosophy. MAREJ
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