Cushman & Wakefield said Thursday that the real estate services firm has arranged the sale of the Tag Portfolio, a generationally owned multifamily portfolio totaling 519 units in Bergen and Hudson counties to Tuli Realty and Sher Management for $94 million.
Livingston-based Tuli Realty acquired the properties in East Rutherford, Cliffside Park, Palisades Park, Lyndhurst, Garfield and Jersey City, while Sher Management of Brooklyn, N.Y., purchased the property in Kearny.
Bergen and Hudson counties are stable multifamily markets because of New Jersey’s diverse economy that shields it from boom-and-bust periods. Immigration has helped propel the state’s population to 9.5 million people, putting upward pressure on rent.
“The sale of Tag Portfolio presents a rare opportunity to transact on a high-performing legacy apartment portfolio in high-barriers to entry markets located throughout Northern New Jersey,” said Cushman & Wakefield’s Niko Nicolaou, who represented the seller. “With its exceptional occupancy rates, strong tenant demand and seamless connectivity to Manhattan, this portfolio exemplifies the strength of Bergen and Hudson County’s multifamily market.”
“This portfolio was more than just a collection of buildings—it was our father’s life’s work. We’re proud to honor his legacy through this transition and grateful for the foundation he built for our family,” added Rob and Justin Tagliareni of Tag Investment Properties.
The portfolio, built between 1920 and 1980, maintains a 97% occupancy rate with 61% one-bedroom, 35% two-bedroom and the remaining units as studios and three-bedroom apartments. The majority of the units are unrenovated.
Cushman & Wakefield’s Nicolaou, Ryan Dowd, Michael Guerra, JP Hohl and Alexandria Ebers represented the seller, Tag Investment Properties, and procured the buyers. Cushman & Wakefield’s Brad Domenico and, Frank Stanislaski advised on securing the financing for the transactions.
