River Edge at Garfield, Garfield, NJ
GARFIELD, NJ—C6 Real Estate Partners has acquired River Edge at Garfield, a 100-unit class-A multifamily community in Garfield, NJ, for $27 million in a joint venture partnership with Citymark Capital, an institutional private equity real estate fund manager.
C6 will manage all aspects of investment execution on behalf of the partnership.
“River Edge is a rare off-market acquisition of luxury multifamily units in tightly constrained Bergen County, NJ,” says Brian DiSalvo, C6 principal. “We are excited to bring institutional ownership and management standards to the value creation plan for this asset. The property benefits from being part of a larger master planned community that includes luxury condos, and is positioned as best-in-class from a quality of life and amenity standpoint,” said.
“Citymark Capital is delighted to partner with a great company like C6 to bring attractive, institutional quality apartments to the Greater New York City area,” says Dan Walsh, founder and chief executive officer of Citymark Capital. “This aligns with our national platform of investing in leading US markets and taking a disciplined approach to generating solid returns for our investors.”
The property features oversized floor plans, a large swimming pool and two gyms. Located 15 miles northwest of Manhattan, the property is strategically located with direct access to Route 80, I-95, The Garden State Parkway, Route 21, Route 4 and Route 3.
“Bergen County continues to be a strong draw for a wide range of residents seeking both luxury and convenience,” says DiSalvo. “River Edge provides a spacious and attractive neighborhood feel that distinguishes itself from the competition.”