CBRE today announced the $75.25 million sale of Skyline Apartments and Boulevard Apartments, two multi-family communities totaling 338 units. Skyline Apartments comprises 124 apartments in Hasbrouck Heights, while Boulevard Apartments has 214 apartments in both Hasbrouck Heights and Lodi, New Jersey.

The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steven Bardsley, David Gavin and Eric Apfel, along with Nat Gambuzza, represented an investment consortium ofGriffen Ltd. and Kushner Companies in the sale and also procured the buyer, a New York-based private investment firm,in ahighly competitive bidding processthat attracted offers from 15 separate investment groups.

Both properties’ locations are highly convenient for regional commuting as Route 46 and I-80 are just minutes away and connect to a vast network of highways and major regional employers.

“We are pleased to have represented Griffen Ltd. and Kushner Companies in the sale of these assets,” said Dunne. “The sellers have seized on the market’s appetite for quality workforce housing. Demand for this type of property is as strong as we have experienced. We expect the purchaserwill do well with their investment as renter demand for well-maintained Class B apartments is also at historic levels with rent growth for workforce housing outpacing that of Class A. This is expected to continue for years ahead.”

CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City and also around the United States. The group services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $11 billion in property sales in all property types over the last five years, including $3billion of apartment sales since 2014.

CBRE Institutional Properties is currently marketing for sale La Bonne Vie, a 643-unit apartment community in Patchogue, NY; The Royce, a 340-unit apartment community in Trumbull, CT; The Monroe, a 148-unit apartment complex in Morristown, NJ; Avalon Shelton, a 250-unit apartment community in Shelton, CT; and The Waypointe, a 464-unit mixed use community with 56,000 sq. ft. of retail in Norwalk, CT.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.