Palisades Park apartment complex fetches $8.9M

A 40-unit apartment complex in Palisades Park has sold for $8.9 million, according to real estate firm the Kislak Co. Inc.

The Woodbridge-based firm said in a news release that the buildings at 55 and 57-61 Bergen Blvd. include 16 one-bedroom and 24 two-bedroom apartments, respectively. The homes include 10 recently renovated units.

Kislak marketed the property on an exclusive basis, with Robert Squires, a senior vice president, in charge of the assignment. Another senior vice president, Barry Waisbrod, procured the undisclosed buyer. The seller also was not disclosed.

“The demand for ‘value-add’ apartment buildings in Bergen County is very strong,” Squires said in a prepared statement. “This particular complex was unique in that over 60% of the apartments are very large two-bedroom units. We generated a tremendous amount of interest in the offering and were able to close at nearly $225,000 per unit.”

At the time of the sale, below-market rents were in place at the complex, presenting the potential for future revenue to increase.

“The purchaser has been very active in the northern New Jersey market and plans to upgrade units and common areas, which will make the property very attractive to New York City commuters,” Waisbrod said in a statement.