BlueGate Partners, LLC was been retained
on an exclusive basis to arrange the sale of Avalon Rutherford Station, a
core-plus apartment community located in the heart of East Rutherford, New
Jersey. This offering represented a rare opportunity to acquire a transit
oriented Class A apartment community in the highly-desirable, high
barrier-to-entry market of Bergen County that also possessed upside potential
through apartment renovations. The property consists of 108 spacious one- and
two-bedroom residences in a four-story elevator building above a two-level
enclosed parking garage. Located immediately adjacent to New Jersey Transit’s
Rutherford Station commuter rail stop, residents can reach New York City’s Penn
Station in less than 30 minutes. Avalon Rutherford Station is also located next
to historic downtown Rutherford, providing residents with access to numerous
retail, dining and entertainment options.
BlueGate Partners represented AvalonBay,
which sold the property to Mesirow Financial for a total of $35,250,000,
representing one of the largest residential transactions this year in East
Rutherford.
BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.