CBRE announced Wednesday the sale of Transit Crossing, an apartment complex in Garfield.
The newly-developed luxury property is located at 163-200 Schley St. and was sold stabilized to an out-of-state investor for an undisclosed price.
Nat Gambuzza, John Veniero and Spencer Beriont of CBRE represented the seller and marketed the property.
“Our team received more than 10 offers and we ultimately sold the property to a New York-based client, which made this their first multifamily acquisition in New Jersey,” Gambuzza, senior vice president, CBRE, said.
Build in 2018, Transit Crossing is a multifamily asset with 21 one-bedroom and 54 two-bedroom apartments. It has 15 different floorplans that include in-unit washer and dryers, large bedrooms and closets, dishwashers, GE appliances, and more. It also has a variety of amenities including two lounges, a fitness center, package room and key fob entry.
“Newly constructed properties conveniently located near public transportation provide stability for investors. 200 Schley Street is just steps from the Plauderville Train Station, offering quick access to New York’s Penn Station. Due to its age, there will be low operating expenses with little going towards repairs and maintenance or capital improvements,” Gambuzza said.