JLL Capital Markets wrapped up the sale of a 100-unit multifamily community in Paterson, New Jersey, representing the seller, Redwood Associates, an affiliate of Value Companies, Inc., in the transaction.
Valley View Apartments, built in 1965, consists of 79,661 rentable square feet, comprising 76 one-bedroom and 24 two-bedroom homes, with an average size of 797 square feet, according to a press release. Units at the 99% occupied property feature air conditioning, energy-efficient windows, abundant closet space, and wall-to-wall carpeting or hardwood flooring, with dishwashers and microwaves available in select homes.
Community amenities include on-site laundry, professionally landscaped grounds, and extra storage space. Residents have also benefited from ongoing capital improvements over the past several years.
Prime Paterson Location
Valley View Apartments is located at 149 Katz Ave. on the border of Paterson, near Wayne and Haledon, with access to the Garden State Parkway and Route 80. Paterson is New Jersey’s third-largest city, positioned about 20 miles from Manhattan. Passaic County has an average household income of $118,233 and an average home value of $540,882, with 56% of the workforce in white-collar occupations. Asking rents in the submarket have grown more than 8% over the past three years.
The JLL Capital Markets team was led by Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli, along with Senior Director Elizabeth DeVesty and Director Austin Pierce, according to the statement on Wednesday, Sept. 2.
“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,” said Cruz. “There’s also clear upside ahead through unit renovations and additional income opportunities.”
About JLL Capital Markets
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.