CBRE Global Investors has acquired a 350-unit apartment building in Englewood, New Jersey, the firm told PERE.
CBRE bought the multifamily building for $112 million, or $320,000 per unit, from JP Morgan Asset Management, according to data from Real Capital Analytics. The Los Angeles-based real estate investment manager acquired the 392,044 square foot property, called The Brownstones, on behalf of its core real estate fund, US CBRE Core Partners, PERE has learned.
Located near the George Washington Bridge at 73 Brownstone Way, the property benefits from access to Manhattan and northern New Jersey employment and retail hubs. The Brownstones is 98 percent occupied, according to CBRE. It also includes 12,521 square feet of ground floor retail space. Major tenants include children’s gymnasium Little Gym and golf store GolfTec, according to Real Capital Analytics.
“We are excited about this fund’s first purchase in New Jersey, and we really like this market and its proximity to a great amenity base in northern New Jersey and also its proximity to Manhattan,” CBRE portfolio manager Kim Hourihan told PERE.
CBRE has assets in other investment programs in the area, including Park 80 West in Saddle Brook, New Jersey, about 10 miles away from The Brownstones. The firm acquired that 507,000-square-foot office complex in February for $75 million through the Strategic Partners US Value VII fund.