Valley View Apartments, a 100-unit multifamily rental community, has sold for an undisclosed sum. Located at 149 Katz Avenue on the western edge of Paterson near Wayne and Haledon, the garden apartment complex delivers the buyer strong upside with high occupancy, steadily rising rents, and ongoing capital improvements.
JLL repped the seller, Redwood Associates, an affiliate of Clifton-based Value Companies, Inc. EOM Equity purchased the Paterson property. Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli headed up the JLL Capital Markets team, aided by Senior Director Elizabeth DeVesty and Director Austin Pierce.
First built in 1965, Valley View Apartments comprises 76 one-bedroom and 24 two-bedroom homes, totaling 79,661 rentable square feet. The Paterson property is 99% occupied, and all units have air conditioning, energy-efficient windows, generous closet space, plus a mix of wall-to-wall carpeting and hardwood flooring. Select apartments feature dishwashers and microwaves. Residents enjoy on-site laundry, landscaped grounds, and storage space. The complex has been continually upgraded and modernized over the past several years.
“Valley View has been a well-maintained, stabilized asset in one of New Jersey’s most established multi-housing markets, and that gave the buyer real confidence in the underlying real estate,” commented JLL’s Cruz. “There’s also clear upside ahead through unit renovations and additional income opportunities.”
