480 Flatz, built in March, sells for $11.6M, Gebroe-Hammer says

The newly built 480 Flatz apartment building in East Rutherford has been sold for $11.6 million, according to real estate firm Gebroe-Hammer Associates.

480 Flatz, which was finished in March and fully leased as of July, was sold by East Rutherford Builders LLC, a joint venture of Diversified Properties LLC and North Jersey Builders LLC, to an undisclosed private investor.

Gebroe-Hammer President Ken Uranowitz and Senior Vice President Debbie Pomerantz exclusively represented the seller in the transaction.

“Thanks to Ken and Debbie’s expertise and their highest levels of professionalism, Gebroe-Hammer Associates was able to streamline this deal and bring it over the finish line,” Nicholas Minoia, founder and managing principal of Diversified Properties, said in a prepared statement.

The Class A property features 35 units at 480 Paterson Ave.

“As East Rutherford’s newest and most visible apartment community asset, 480 Flatz is an important anchor for the borough’s thriving business district,” Pomerantz said in a statement. “From world-class shopping, premier cultural centers, outdoor recreation and entertainment venues to transit and highway connectivity, 480 Flatz presented a rare-to-market multifamily investment opportunity in the high-barrier-to-entry Bergen County.”