Colliers sells six multifamily buildings spread across state

Real estate firm Colliers has closed on the sale of six multifamily buildings across the state, totaling 200 units, it announced this week.

The properties include West Park Apartments, 910 Gateway Blvd., Westville, and the Lenox Multifamily Portfolio in Hackensack and Little Ferry, the firm said in a news release.

A team led by Jacklene Chesler, executive managing director, along with Matthew Brown, managing director, and Patrick Norris, associate director, marketed the properties and completed the transactions, Colliers said.

“As housing prices continue to soar and supply of single-family homes remains tight, quality multifamilyi buildings have again proven to be strong value-add properties,” Chesler said in a prepared statement. “These New Jersey assets, in particular, with their close proximity to Philadelphia and Manhattan, provide their new owners with exceptional investment opportunities.”

The Lenox portfolio totals 156 units over five garden-style and low-rise buildings, Colliers said, while West Park Apartments includes 44 units and requires a complete renovation.

Financial terms were not disclosed; nor were the buyers.

Colliers had been named receiver in October 2019 for a multifamily package that included these properties and others.