A luxury apartment community in Westwood has been sold, according to real estate firm CBRE.
Highlands at Westwood, which includes 214 units plus amenities, was sold by Barings for an undisclosed amount to Cammeby’s Management Co., the real estate firm said in a news release.
The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the seller and procured the buyer.
“We are pleased to have represented Barings in the sale of this asset,” Dunne said in a prepared statement. “They have done a fantastic job over the years operating the property, as it is one of the most sought-after communities in Bergen County. Occupancy is historically strong, and the asset is in great shape. The result was significant interest in the offering, with institutions, fund operators and large private investors all competing to acquire this desirable property.”
Barings is a global investment manager, while Cammeby’s is a real estate firm.
“Cammeby’s should do well as they build on the success of the seller in operating the community,” Pride said in a statement. “The buyer has a significant New Jersey portfolio, and the Highlands at Westwood is an ideal addition for their long-term ownership strategy.”