Class A multi-housing community in Hackensack sells

MORRISTOWN, June 27, 2024 – JLL Capital Markets announced today the sale of Avalon Hackensack at Riverside, a multi-housing community containing 226 apartment homes located at 414 Hackensack Ave. in Hackensack, New Jersey.

JLL worked on behalf of the seller.

Built in 2013, the property has been institutionally owned and maintained, currently sitting at 96% leased. The community offers an attractive apartment mix of spacious studio, one-, two- and three- bedroom apartments with select apartments featuring balconies, patios, dens and loft-style layouts.

Residents also enjoy a variety of community features including a swimming pool with grilling area, resident clubhouse, state-of-the-art fitness center, tenant lounge, covered garage parking, dog run and pedestrian entry to Hackensack River County Park.

Located off Route 4, Avalon Hackensack at Riverside offers residents convenient access to major thoroughfares such as the Garden State Parkway (3.3 miles), Interstate 80 (3.3 miles) and Interstate 95 (4.7 miles), providing unparalleled regional connectivity. The community is a five-minute drive to both the Anderson Street Train Station and the Essex Street Train Station (Pascack Valley Lines), a nine-minute walk to the bus stop on Hackensack Avenue and less than a ten-minute drive to the George Washington Bridge, all granting entrance to Manhattan in under one hour.

Additionally, the property is strategically positioned near major regional employment centers such as Hackensack University Medical Center, while also adjacent to an array of local area amenities, including the renowned Shops at Riverside shopping mall which includes retailers such as Blooomingdale’s, The Cheesecake Factory, Ann Taylor, William Sonoma, Starbucks and AMC Theaters.

JLL Capital Markets team was led by Senior Managing Directors Jose Cruz, Michael Oliver and Steve Simonelli along with Director Elizabeth DeVesty and Associate Austin Pierce.

"We are excited to announce the sale of Avalon Hackensack at Riverside, a premier Class A multi-housing community in Hackensack," said Cruz. "The property’s amenities, convenient access to major transportation routes and proximity to employment centers and the retail amenities made it a highly sought after investment."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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