NJ Investment Group to offload 24-unit Cedar Grove rental community

March 26, 2019 03:23PM

Cushman & Wakefield has been retained by the NJ Investment Group to market a 24-unit luxury rental community in Essex County, reported Real Estate NJ. The two-building property, known as Zephyr Ridge at Cedar Grove, was built in 2018 and is now 100 percent leased, according to Cushman & Wakefield. Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Dowd and Mark Phillips are leading a team from the brokerage advising the seller on its plans to unload Zephyr Ridge, whose amenities reportedly include outdoor patios with grills, private garage parking, a resident lounge, storage units and a fitness center. Units in the development have two bedrooms and two bathrooms and start at $3,250 per month. “The local area has an average household income over $150,000, high cost of single family housing, a growing ‘move-down’ population and world-class educational and health care facilities,” said a statement from Whitmer. “All of those factors support the demand for Zephyr Ridge, as the community provides the perfect lifestyle and conveniences for its residents.” Cushman & Wakefield noted that a New Jersey Transit station in Upper Montclair is within two miles of the Zephyr Ridge development. [Real Estate NJ]