Molly Brook on Belmont, an upscale 180-unit apartment community in North Haledon, sold for $89 million to JLL Income Property Trust, according to a Wednesday announcement from Rochelle Park-based Tulfra Real Estate and its joint venture partner of 30 years, the Morristown-based Hampshire Cos.
The partners and the Tulfra development team spent 10 years planning, entitling, building and leasing the project.
The brokers on the transaction were Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch of Cushman & Wakefield, who represented the seller and procured the buyer.
“This transaction was a culmination of months of hard work by many professionals, and we are grateful to all of them for their efforts and for making this transaction happen,” Sonny Jumani, CEO and president of Tulfra Real Estate stated.
The 180-unit apartment community that sits on 20 acres of wooded space quickly became known for its resort-style amenities and a suite of state-of-the-art outdoor features that include a fully furnished clubhouse, a fitness center, a resort-style swimming pool, a pet park and outdoor entertainment area. The project reached 100% occupancy in less than 12 months.
Ted Millspaugh and James Moxley of Venable and Lucille Karp and Jim Ray of McElroy Deutsch were the buyer’s counsel. Debbie Gregg and Cecilia Lassiter of Sills Cummis & Gross represented the seller. The undisclosed lender’s counsel was David Ebby and Steve Anella of Faegre Drinker Biddle & Reath.
Molly Brook is professionally leased and managed by Bozzuto Management, which will continue under new ownership.
The mortgage brokers were Gretchen S. Wilcox, Al Raymond and Wesley Wilcox of G.S. Wilcox & Co.