Gebroe-Hammer Associates has arranged the $19.8 million sale of Grand Lee Apartments, an 80-unit, garden-style property in the borough of Leonia.
Gebroe-Hammer Vice President Joseph Gehler, along with sales representative David Betesh, exclusively represented the longtime owner and seller, Fairlawn CO, and procured the buyer, an unnamed private investor.
Located at 159 Fort Lee Road, near the high-identity intersection of Grand Avenue, Grand Lee Apartments features a mix of 36 one-bedroom and 44 two-bedroom floorplans with hardwood flooring throughout and private entrances. The well-maintained garden-apartment complex also offers on-site parking and garages, “front-door” New Jersey Transit express bus service to New York City and a short walk to the Broad Street Business District.
“As a borough where more people ride the bus to work than nearly 97% of all neighborhoods nationwide — and Midtown Manhattan is only 13 miles away — the buyer sought to add Grand Lee Apartments to their portfolio because of its prime location, the ever-growing professional-caliber tenant base commuting to business and financial jobs in New York City and very tight multifamily housing supply in general, as compared to rental demand,” said Gehler, who noted this was an off-market transaction.
According to Reis/Moody’s, the Bergen County apartment stock is comprised of 48,877 market-rate units, amounting to 18.8% of the total northern New Jersey apartment market. It is only smaller than Hudson County.