July 20, 2014
BlueGate Sells Avalon Rutherford Station, a NYC Metro Transit-Oriented Multifamily Development
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.