The Westwood Multi-housing Portfolio, a four-property, 276-unit group of garden-style apartments, was sold to a private buyer for $80 million.
Three of the properties, Coventry Square, Stanford Court, and the Madison Apartments, are situated in Westwood, while Village on the Green is just north in River Vale. Built between 1979 and 1987, the portfolio covers 11.79 acres and 96% of the units are occupied.
The homes are a mix of one and two bedrooms with energy-efficient appliances, full kitchens, hardwood floors, and granite countertops. Fitness centers, swimming pools, dog parks and tennis courts are just some of the community amenities residents enjoy. The portfolio offers an outstanding value-add opportunity for the buyer with most units unrenovated.
JLL Capital Markets arranged the deal on behalf of the seller, Kushner. Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli, Director Elizabeth DeVesty and Associate Austin Pierce from JLL’s Investment and Sales Advisory led the sales effort.
“The successful sale of the Westwood Multi-housing Portfolio underscores the strong investor demand for quality multifamily assets in high-demand markets like Bergen County,” said JLL’s Cruz. “This transaction highlights the appeal of properties with substantial value-add potential and the continued interest in suburban markets offering accessibility, strong demographics, and a high quality of life.”
All four apartment complexes offer plentiful nearby shopping, restaurants, entertainment, and recreation opportunities. Westwood boasts a walkable downtown with a small-town feel. Route 4 and the Garden State Parkway, plus nearby NJ Transit train and bus options, provide easy access to Manhattan for commuters. Bergen County offers a high quality of life and several major employers.
JLL Capital Markets provides capital solutions for real estate investors and occupiers with services including investment sales and advisory, debt advisory, equity advisory, or recapitalization. The firm has offices in almost 509 countries and employs more than 3,000 Capital Markets specialists worldwide.
