ICON Real Estate Advisors has arranged the $5.05 million off-market sale of a 25-unit multifamily property located at 270 Orchard Terrace in the Bergen County borough of Bogota, NJ.
ICON Managing Partner David Jarvis and Director of Multifamily David Betesh represented seller 270 Orchard Associates LLC in the transaction, while Jarvis also represented buyer Grand Forks TW LLC.
The three-story building, built in 1923, comprises six studio apartments and 19 one-bedroom residences on approximately .20 acres and was fully occupied at the time of the sale.
The transaction offered the buyer an opportunity to acquire a stabilized multifamily asset with significant upside, as in-place rents were more than 40% below current market levels. The property is also not subject to municipal rent control, providing additional flexibility to capture future rent growth.
“270 Orchard Terrace presented a strong off-market opportunity in a desirable Bergen County location,” said Betesh. “Its stable occupancy and below-market rents made it an attractive acquisition with strong long-term potential.”
Located near Hackensack and Teaneck, 270 Orchard Terrace benefits from convenient access to Route 4 and I-95, as well as NJ Transit service to Manhattan. The surrounding area provides access to major employment and retail centers, schools, parks and other neighborhood amenities.
About ICON Real Estate Advisors
Headquartered at 1 Boland Drive in West Orange, New Jersey, ICON Real Estate Advisors was co-founded by Managing Partners David Oropeza and David Jarvis. Collectively, the firm’s partners bring more than 100 years of experience and over $20 billion in combined career transaction volume. ICON leverages longstanding client relationships to provide deep insight into local owners, investors and market dynamics, with a focus on multifamily investment sales across New Jersey, New York, Pennsylvania, Maryland and Virginia.
For more information, visit www.icon-rea.com or email [email protected].