JLL Brokers $80M Sale of Northern New Jersey Multifamily Portfolio

WESTWOOD AND RIVER VALE, N.J. — JLL has brokered the $80 million sale of a portfolio of four multifamily properties totaling 276 units in Northern New Jersey. The properties are collectively known as the Westwood Multihousing Portfolio by virtue of three assets — Coventry Square, Stanford Court and The Madison Apartments — being located in Westwood. The fourth property, Village on the Green, is located in the adjacent town of River Vale. All properties were built between 1979 and 1987 and offer one- and two-bedroom units and amenities such as pools, fitness centers and dog parks. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Kushner Cos., in the transaction. The buyer was not disclosed. The portfolio had an occupancy rate of 96 percent at the time of sale.