CBRE today announced the sale of Transit Crossing, a two-building, 75-unit apartment complex located at 163-200 Schley Street in Garfield, New Jersey. The newly developed, amenity-rich property was sold stabilized to an out-of-state investor for an undisclosed sale price.
The CBRE team of Nat Gambuzza, John Veniero and Spencer Beriont represented the seller and marketed the residential property to more than 10,000 potential investors.
“Our team received more than 10 offers and we ultimately sold the property to a New York-based client, which madethis their first multifamily acquisition in New Jersey,” said Gambuzza, Senior Vice President, CBRE.
Built in 2018, Transit Crossing is a luxury multifamily property consisting of 21 one-bedroom and 54two-bedroom apartments. The complex offers 15 unique open concept floorplans that include ample closet space, in-unit washers and dryers, dishwashers, spacious bedroomsand General Electric kitchen appliances. In addition to the well-appointed apartments, Transit Crossing has a variety of amenities including two lounges, a fully equipped fitness center, package room and key fob entry.
“Newly constructed properties conveniently located near public transportation provide stability for investors. 200 Schley Street is just steps from the Plauderville Train Station, offering quick access to New York’s Penn Station. Due to its age, there will be low operating expenses with little going towards repairs and maintenance or capital improvements,” added Gambuzza.
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 more than 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.
