Kislak Co. sells luxury Bergenfield apartments for $22.5M

VP Andrew Scheinerman, SVP Robert Squires arrange off-market sale of 62 new units

Bella at Bergenfield, a new 62-unit luxury apartment building in Bergenfield, recently fetched $22.5 million, according to a Thursday announcement from the Woodbridge-based Kislak Co.

Vice President Andrew Scheinerman arranged the off-market sale on behalf of the seller, HR Bergenfield LLC. Senior Vice President Robert Squires procured the purchaser, A. Hackensack LLC.

Located at 15 W. Johnson Ave., Bella at Bergenfield was constructed between 2019 and 2020 and includes 57 one-bedroom units and five two-bedroom units on a 0.61-acre parcel.

The average unit size is 869 square feet. Luxury apartment amenities include GE appliance packages, spa-like bathrooms, in-unit laundry facilities, walk-in closets with California-style built-ins, and 9-foot ceilings. Community amenities include assigned covered parking, a state-of-the-art Peloton fitness center, rooftop terrace, resident lounge and a work-from-home lobby.

The property is ideally located just steps from vibrant downtown Bergenfield, a short 14-mile commute to Midtown Manhattan by bus or car.

“The high barriers to entry in a town like Bergenfield, coupled with Bella being the first new residential rental building there in over 20 years, made this an extremely desirable opportunity,” according to Scheinerman. “The demand for new multifamily properties in northern New Jersey, especially Bergen County, is extraordinary.”

“This was an excellent and unique transaction because we helped the purchaser sell an older garden apartment complex in Hackensack and complete a tax-deferred 1031 exchange with the purchase of this new property,” Squires said. “1031 exchanges can be challenging to execute, but they can be a tremendous tool for real estate investment growth and wealth preservation. As a broker, we are in a service business, and it brought me great pleasure to help facilitate this exchange.”