Denholtz Properties has purchased Solo at North Bergen, a 214-unit luxury multifamily community in North Bergen, N.J. The seller, a private developer, completed the property earlier this year, financing its construction with a $52.5 million loan from Procida Funding, Yardi Matrix data shows.
The community consists of four three-story buildings with studio, one- and two-bedroom units ranging from 564 to 1,027 square feet, the same data provider reveals. Apartments feature hardwood floors, digital locks, washers and dryers. Common-area amenities include a clubhouse, outdoor swimming pool with barbeque stations, outdoor sauna, fitness center and dog run, among others.
The 5.7-acre property is at 4828 Tonnelle Ave., less than 2 miles from Interstate 95 and adjacent to a light rail station. The location is also providing easy access to the Port Imperial-Weehauken ferry terminal.
The acquisition is part of Denholtz Properties’ strategy of growing its national multifamily portfolio. One of the company’s developments, a 143-unit project that broke ground earlier this year in Bound Brook, N.J., has the completion date set in late 2024.
In September 2022, the company purchased a 384-unit luxury community in Murfreesboro, Tenn. JLL arranged $76.8 million in acquisition financing.
