The HFF team marketed the 360-unit, two-building property on behalf of an undisclosed seller. Kushner Cos. purchased the property free of existing debt.
Prospect Place is located at 300 and 310 Prospect Ave. and is within close proximity to New York City via the nearby New Jersey Transit Anderson Street station and Interstates 80 and 95.
The two-building portfolio consists of an 18-story high-rise with 157 units averaging 1,331 square feet and a four-story mid-rise building with 203 units averaging 1,077 square feet. The property has an outdoor pool with a sundeck, landscaped courtyard, grilling areas, fitness centers, billiard room, resident lounges, concierge service and 653 covered parking spots. It is currently 96 percent occupied.
HFF’s Jose Cruz, senior managing director; Kevin O’Hearn, managing director; Michael Oliver and Stephen Simonelli, senior directors; and Marc Duval, director, represented Kushner Cos. in the deal.
“Prospect Place represents the right mix of infill northern New Jersey multifamily product with renovation upside,” Cruz said. “It’s Bergen County location with direct access to New York City attracts a wide array of tenants.”