FLORHAM PARK, N.J.--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Prospect Place, a 360-unit, two-building multi-housing property in Hackensack, New Jersey.
The HFF team marketed the property exclusively on behalf of seller. Kushner Companies purchased the property free and clear of existing debt.
Prospect Place is located at 300 and 310 Prospect Avenue in Hackensack and offers convenient access to the New York City metropolitan area via the nearby New Jersey Transit Anderson Street station and Interstates 80 and 95. The two-phase property consists of an 18-story high-rise comprising 157 units averaging 1,331 square feet and a four-story mid-rise building comprising 203 units averaging 1,077 square feet. Community amenities include an outdoor lap pool with sundeck, landscaped courtyard, grilling stations, fitness centers, billiards room, resident lounges, concierge service and 653 covered parking spaces. Prospect Place is 96 percent occupied.
The HFF investment advisory team representing the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli and director Marc Duval.
“Prospect Place represents the right mix of infill Northern New Jersey multifamily product with renovation upside,” Cruz stated. “It’s Bergen County location with direct access to New York City attracts a wide array of tenants.”
HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers.
About Kushner Companies
Kushner Companies is a diversified real estate organization headquartered in New York City. The company is responsible for the ownership, management, development and redevelopment of many properties. Its national reach consists of up to 20,000 multifamily apartments, as well as 12 million square feet of office, industrial and retail space throughout New York, New Jersey, Pennsylvania, Maryland, Ohio and Illinois. For more information, visit https://kushner.com/.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.