Garden-style apartment portfolio trades hands for $80M across Bergen County

MORRISTOWN, N.J., Dec. 11, 2024 – JLL Capital Markets announced today that it has arranged the $80 million sale of the Westwood Multi-housing Portfolio, a four-property, 276-unit multifamily portfolio located in Westwood and River Vale, New Jersey.

JLL worked on behalf of the seller, Kushner, in procuring the private buyer.

The portfolio is comprised of Coventry Square, Stanford Court and The Madison Apartments, all located in Westwood. Additionally, Village on the Green is situated in the adjacent town of River Vale.

Bergen County is an affluent area characterized by strong demand and a high quality of life, supported by major employers such as Hackensack Meridian Health and BMW's North American headquarters. The average annual household income within a three-mile radius of key locations is $212,822, which is 31% above the county average and a remarkable 62% of residents have a bachelor’s degree or higher, with 82% employed in white-collar professions. Offering suburban comfort with abundant amenities, the area features a walkable downtown in Westwood and numerous shopping, dining, and entertainment options. Additionally, Bergen County's proximity to the Garden State Parkway and Route 4 provides seamless access to Manhattan in less than an hour.

The portfolio, built between 1979 and 1987, spans 11.79 acres and is currently 96% occupied. It comprises one- and two-bedroom units, each featuring full kitchens with energy-efficient appliances, granite countertops and hardwood flooring. Community amenities include a fitness center, swimming pool, tennis court and dog parks. With most units unrenovated, the portfolio presents an excellent value-add opportunity for the buyer.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli, Director Elizabeth DeVesty and Associate Austin Pierce.

"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 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."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory, or recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Kushner is a diversified real estate organization specializing in the ownership, management, development and redevelopment of properties across the United States. With a portfolio that includes over 22,000 multifamily apartments across 14 states, as well as 13 million square feet of office, industrial, hotel, and retail space, Kushner is committed to creating productive, efficient, and state-of-the-art environments for its tenants. Guided by past successes and an innovative vision for the future, the company has established a significant presence in key markets such as New York, New Jersey, and several other states nationwide.