CBRE completes $75.25M sale of two N.J. apartment complexes

CBRE announced Wednesday the $75.25 million sale of two multifamily communities in the state.

Skyline Apartments comprises 124 apartments in Hasbrouck Heights and Boulevard Apartments has 214 apartments in both Hasbrouck Heights and Lodi, bringing the total units sold to 338.

Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steven Bardsley, David Gavin, Eric Apfel and Nat Gambuzza of CBRE represented an investment consortium of Griffen Ltd. and Kushner Cos. in the sale, and also procured the buyer, a New York-based private investment firm.

Both properties, CBRE said, are within close access to Route 46 and Interstate 80.

“We are pleased to have represented Griffen Ltd. and Kushner Companies in the sale of these assets,” Dunne, vice chairman, said. “The sellers have seized on the market’s appetite for quality workforce housing. Demand for this type of property is as strong as we have experienced. We expect the purchaser will do well with their investment as renter demand for well-maintained Class B apartments is also at historic levels with rent growth for workforce housing outpacing that of Class A. This is expected to continue for years ahead.”