Berkadia Completes $89 Million Sale of Multifamily Property in North Bergen, New Jersey
MORRISTOWN, N.J. – August 23, 2023 – Berkadia Institutional Solutions announced today the sale of Solo at North Bergen, a 214-unit, new construction multifamily property in North Bergen, New Jersey. Senior Managing Director Nat Gambuzza and Senior Director Spencer Beriont of Berkadia Morristown completed the $89 million sale on behalf of the seller, New York-based SYM Investments. The sales price reflects a per-unit price of $416,000. The buyer was New Jersey-based Denholtz Properties.
“Solo at North Bergen attracted investors due to its proximity to mass transportation, the quality of build, and its 30-year tax pilot which limits buyer’s tax exposure for the future,” said Beriont.
Solo at North Bergen was built in two phases, with phase two being finished in 2022. Located at 4828 Tonnelle Ave., the property features luxury units with amenities including a fitness center, a swimming pool, indoor and outdoor community lounges, a clubhouse and a game room. The property affords residents convenient access to the Tonnelle Avenue Light Rail Station which provides rail access to Hoboken, Jersey City, and New York City.
“The property went under contract while Phase 2 was still being built, providing the seller an opportunity to enter a hard contract prior to the significant interest rate increases seen over the past several months,” said Gambuzza.