PARK AVE AT FLORHAM PARKLocation
Florham Park, NJSize
BlueGate Partners has been retained by Bertram Associates & LPZ Management on an exclusive basis to arrange for the financing of Park Avenue at Florham Park, a 155 unit multifamily apartment community located at 804 Ward Place, Florham Park, NJ. This property is part of a New Jersey Residential Portfolio, consisting of 25 multifamily apartment communities predominantly located throughout the northern half of the State of New Jersey. This Portfolio is comprised of 4,268 units totaling 3.4 million square feet located in seven New Jersey counties. The entire Portfolio was extremely well occupied with an average property occupancy of 95.1 percent, and an average rent of $1,055 per unit at the time of refinance. The Portfolio presented a unique and rare opportunity to acquire a large, stabilized portfolio in highly-desirable infill locations within the New York City Metropolitan area. In addition to offering stable cash flow, the Portfolio offers significant upside through the implementation of a value-add management and capital improvement program.