River Edge at Garfield, a newly-constructed luxury apartment community in Garfield, has recently become available for sale, according to Cushman & Wakefield.
The commercial real estate services firm said its New Jersey capital markets team will represent the seller of the 104-unit community at 600 Autumn Lane.
“River Edge is set in an attractive neighborhood along the Passaic River,” Brian Whitmer of Cushman & Wakefield said. “It offers an outstanding location for commuters — just minutes from mass transit and major highways including Route 46, Route 20/21, I-80 and the Garden State Parkway via Exit 157.”
Whitmer is heading the assignment along with Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Dowd, Mark Phillips, John Alascio and Sri Vankayala.
The property, currently 98% leased, consists of two, four-story residential buildings with studio, one- and two-bedroom units. Each unit averages 1,020 square feet and features 9-foot ceilings, high quality finishes and washer/dryers.
The 3.4 acre community also has amenities like an outdoor swimming pool, patio, covered parking, fitness center, parking concierge services and more.
“River Edge offers an investor the opportunity to own one of Bergen County’s newest apartment communities in an extremely high barrier to entry submarket, allowing for sustained future appreciation,” Whitmer said. “The property also offers significant near-term revenue growth potential by stabilizing rental rates upon rollover and increasing other income through additional property enhancements.”
