River Edge at Garfield, a newly constructed, 104-unit luxury apartment community at 600 Autumn Lane in Garfield, has come online for sale, announced Cushman & Wakefield. The commercial real estate services firm’s New Jersey capital markets team is representing the seller in marketing this distinctive community, which offers the benefits of urban living in a suburban setting.
“River Edge is set in an attractive neighborhood along the Passaic River,” noted Cushman & Wakefield’s Brian Whitmer, who is heading the assignment with Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Dowd, Mark Phillips, John Alascio and Sri Vankayala. “It offers an outstanding location for commuters – just minutes from mass transit and major highways including Route 46, Route 20/21, I-80 and the Garden State Parkway via Exit 157.”
New Jersey Transit train service to Penn Station is located less than two miles from the property, providing 35-minute access to Manhattan. River Edge also is just a 10-minute drive to Northern New Jersey attractions including MetLife Stadium, American Dream, Teterboro Airport, Newark International Airport and the Garden State Plaza Mall.
Built in 2017 and currently 98 percent leased, River Edge at Garfield consists of two, four-story residential buildings over covered parking. Studio, and one- and two-bedroom units – averaging 1,020 square feet – feature nine-foot ceilings and spacious floor plans with high-quality finishes including stainless steel appliances, granite counter tops, hardwood floors and individual washer/dryers. The 3.4-acre community also offers premier amenities including an outdoor swimming pool with tanning area, outdoor patio, covered parking, fitness center, package concierge services and a virtual doorman.
“River Edge offers an investor the opportunity to own one of Bergen County’s newest apartment communities in an extremely high barrier to entry submarket, allowing for sustained future appreciation,” Whitmer added. “The property also offers significant near-term revenue growth potential by stabilizing rental rates upon rollover and increasing other income through additional property enhancements.”
Based in East Rutherford, Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.