V.P. Andrew Scheinerman & S.V.P. Robert Squires Arrange Off-Market Sale of 62 New Units
Woodbridge, N.J., April 21, 2022 – The Kislak Company, Inc. announced the recent sale of Bella at Bergenfield, a new 62-unit luxury apartment building at 15 West Johnson Avenue in Bergenfield, Bergen County, New Jersey, for $22,500,000.
Vice president Andrew Scheinerman arranged the off-market sale on behalf of the seller, HR Bergenfield, LLC. Senior vice president Robert Squires procured the purchaser, A. Hackensack, LLC.
Mr. Scheinerman commented, “The high barriers to entry in a town like Bergenfield coupled with Bella being the first new residential rental building there in over 20 years made this an extremely desirable opportunity. The demand for new multifamily properties in northern New Jersey, especially Bergen County, is extraordinary.”
Mr. Squires added, “This was an excellent and unique transaction because we helped the purchaser sell an older garden apartment complex in Hackensack, New Jersey and complete a tax deferred 1031 exchange with the purchase of this new property. 1031 exchanges can be challenging to execute, but they can be a tremendous tool for real estate investment growth and wealth preservation. As a broker, we are in a service business, and it brought me great pleasure to help facilitate this exchange.”
Bella at Bergenfield was constructed between 2019 and 2020 and includes 57 one-bedroom units and five two-bedroom units on a 0.61-acre parcel. The average unit size is 869 square feet.
Luxury apartment amenities include GE appliance packages, spa-like bathrooms, in-unit laundry facilities, walk-in closets with California-style built-ins, and nine-foot ceilings. Community amenities include assigned covered parking, a state-of-the-art Peloton fitness center, rooftop terrace, resident lounge, and a work-from-home lobby.
The property is ideally located just steps from vibrant downtown Bergenfield a short 14-mile commute to midtown Manhattan by bus or car.
Bergenfield and greater Bergen County are among the strongest rental markets in New Jersey and the tri-state area.
Andrew Scheinerman joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received Kislak’s 2011 Rookie of the Year award and was promoted to a vice president in 2017.
Robert Squires joined Kislak in 2003 and specializes in the sale of multifamily and other investment properties throughout New Jersey. Consistently among the firm’s leading producers, he received Kislak’s 2017 and 2016 Sima Kislak Jelin Salesperson of the Year award and its 2017 Producer of the Year award.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.