Newly Constructed The Preserve at West Caldwell Comes Online for Sale

For Immediate Release
Newly Constructed The Preserve at West Caldwell Comes Online for Sale

Cushman & Wakefield Marketing Essex County, N.J., Luxury Rental Community
WEST CALDWELL, N.J., Nov. 14, 2016 – The Preserve at West Caldwell has come onto the market for sale, announced Cushman & Wakefield’s Metropolitan Area Capital Markets Group. The newly constructed, 30-unit, 28-acre luxury apartment community at 475 Passaic Ave.is being offered for $17 million.
In a region defined by high-end bedroom communities with limited options for residents looking to downsize to rental, The Preserve includes 24 age-restricted units. “This Essex County property – which sits in an affluent, close-knit suburban community with an active recreation department, neighborhood retail, several parks and tree-lined streets – is perfectly positioned to capture its target market of age 55+ residents,” noted Cushman & Wakefield’s Brian Whitmer. “As such, the new development has stabilized quickly, making it an outstanding core investment opportunity. It is a perfect 1031 candidate for someone looking for predictability.”
Whitmer is marketing The Preserve with Metropolitan Area Capital Markets team members Andrew Merin, James Nelson, Ryan Dowd and David Yaeli. John Alascio of the commercial real estate services firm’s Equity, Debt & Structured Finance group is working with the team to procure financing.
Averaging 1,328 square feet, The Preserve’s two-bath units all offer open concept floor plans and first-class finishes. Residents enjoy ample on-site amenities including a full-time concierge and 24/7 building security, reserved garage parking, a fitness facility, clubhouse, billiards room, on-site storage, and other conveniences.
“The Preserve has phenomenal access and is conveniently positioned across the street from a ShopRite supermarket, close to fine restaurants, shopping centers, quality healthcare,” Whitmer said. “Local recreational attractions include golf courses, bicycling, boating, fishing, bird-watching and hiking trails. These factors combine to give this community a competitive edge in capturing the changing housing demands of the baby boomer generation.” The community is located just 16 miles west of Manhattan.
According to Whitmer, investment demand for multifamily product in Northern New Jersey remains high, particularly for newly constructed product in high barrier-to-entry markets like Essex County. “In a region where multifamily is largely defined by decades old garden-style properties, offerings for new, highly amenitized assets like The Preserve consistently draw aggressive bidding,” he said.
Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $23 billion worth of transactions since 2000, closing on $2.0 billion in 2015.
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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Evelyn Weiss Francisco

Vice President

Caryl Communications

201-796-7788

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