SAGE Investment Real Estate Advisors announced it recently sold a 24-unit garden-apartment complex in Oradell for an undisclosed price. The firm’s co-founders and partners, Greg Pine and Steve Tragash, managed the sales process and arranged the transaction on behalf of long-term ownership, Oradell Associates LLC.
SAGE also procured the unnamed buyer, a private investor that has been active in Bergen County over the years.
Located at 456 Kinderkamack Road, this well-maintained courtyard-style property is two blocks from the Oradell Avenue/Kinderkamack Road intersection and the borough’s main business district. New Jersey Transit’s Oradell Station, with service along the Pascack Valley Line, and NJ Transit Bus Route 165 are within a four-minute walk.
“This owner, with whom I’ve had a relationship for the past 15 years, has owned and been a remarkable steward for the property since the 1960s, making it an attractive value-add offering. Because of this, Oradell Apartments was sold at a very aggressive cap rate attributable to its below-market rents,” Pine said. “There are two parallel investment storylines in the market right now — new construction and value add. Both asset classes are highly desirable — depending on the investor’s mandate. Several buyers expressed interest in this specific property based on the location, size and opportunity for a new owner to create value.”
In addition to closing the sale of Oradell Apartments, SAGE recently was involved in the sale of 59 Class A multifamily units at the Metropolitan Lofts in downtown Morristown, and a garden-style property in Elizabeth.
SAGE is a fully integrated brokerage firm specializing in commercial real estate investment. Using market experience and an authentic approach, SAGE meets the full spectrum of its client needs. The firm’s nimble methodology approach to each deal, in combination with precision marketing or a broad-stroke campaign as well as long-term relationships, is key to SAGE’s philosophy.
