A luxury apartment building in Bergenfield, Bergen County, New Jersey was recently sold off-market for $22,500,000.
Located at 15 West Johnson Avenue, Bella at Bergenfield encompasses 62 units with 57 one-bedroom units and five two-bedroom units. In addition to luxury apartment amenities, the property features community amenities such as assigned covered parking, fitness center, rooftop terrace, work-from-home lobby, and resident lounge.
The property was built between 2019 and 2020 and is situated near downtown Bergenfield, offering a 14-mile commute to midtown Manhattan by bus or car.
The Kislak Company Inc. organized the sale with vice president Andrew Scheinerman representing the seller, HR Bergenfield, LLC. Kislak’s senior vice president Robert Squires procured the purchaser, A. Hackensack, LLC.
Mr. Scheinerman commented, “The high barriers to entry in a town like Bergenfield coupled with Bella being the first new residential rental building there in over 20 years made this an extremely desirable opportunity. The demand for new multifamily properties in northern New Jersey, especially Bergen County, is extraordinary.”
Mr. Squires added, “This was an excellent and unique transaction because we helped the purchaser sell an older garden apartment complex in Hackensack, New Jersey and complete a tax deferred 1031 exchange with the purchase of this new property. 1031 exchanges can be challenging to execute, but they can be a tremendous tool for real estate investment growth and wealth preservation. As a broker, we are in a service business, and it brought me great pleasure to help facilitate this exchange.”