Ridgewood apartment complex sells for $14.3M

The Schoolhouse, a 31-unit apartment complex in Ridgewood, sold for $14.3 million, according to commercial real estate firm CBRE.

The boutique apartment complex, located at 158-174 Union St., was sold to a private real estate family, CBRE said in a statement.

“This asset was uniquely positioned to garner the attention of the private capital pool looking for a quality asset in a stellar location with a value-add play,” CBRE Senior Vice President Nat Gambuzza said.

The CBRE team of Gambuzza and Vice President Spencer Beriont represented the seller in the transaction.

“The 4.16% cap rate and $462,000 price-per-unit are metrics expected from this type of sought-after apartment building and is a testament to the rarity of the asset,” Beriont said.