A large multi-family complex in the shadow of the George Washington Bridge has changed hands just a few years after being converted from an office building into housing.
JLL Capital Markets announced that it has arranged the sale and acquisition financing for Ridge Pointe, a 132-unit multi-housing community in Fort Lee. Sitting at 1 Executive Blvd., the property was originally built in 1985 and was converted from office to residential in 2014.
Units at Ridge Pointe average over 1,296 square feet, which is substantially larger than competing properties. The seven-story mid-rise building features studios, one-, two- and three-bedroom units with condo-style finishes, floor-to-ceiling windows and panoramic views of the Manhattan skyline and George Washington Bridge.
JLL represented the buyer, SELA Realty Investments LLC, in both the purchase and in securing a floating rate loan through Balbec Capital LP. JLL Capital Market’s Sales and Advisory team was led by Senior Managing Directors Mike Oliver, Steve Simonelli and Jose Cruz, Senior Director Elizabeth DeVesty, Director Austin Pierce and Senior Analyst CJ Anania.
“Ridge Pointe’s oversized floor plans create a differentiated living experience that provides families and professionals working from home with substantially more usable space than competing properties in the submarket,” said Oliver. “Combined with the property’s transit-oriented location, embedded upside potential from additional parking delivery and constrained new supply pipeline, this asset represents a compelling value-add opportunity in one of New Jersey’s most desirable submarkets.”
The property boasts over 20,000 square feet of luxury amenities including a rooftop lounge, golf simulator, screening room, fitness facility, spin room, yoga room, billiards room and children’s playroom. Ridge Pointe benefits from Fort Lee’s strong demographics, where nearly half of residents are renters with an average household income exceeding $145,000.
